Glossy Finish

IPO madness persists. On Nov. 17, Estee Lauder, selling 13% of its stock, saw its shares soar 33% from the offering price of $26, closing at $34.50. Demand had induced it to increase the shares it sold to 15.3 million from 13.9 million, and to lift the price by $4 a share. "The company is...not going to be a flash in the pan," says David Menlow, president of IPO Financial Network. Neither, apparently, is Boston Beer: Its new shares, priced at $20, closed at $28 on Nov. 21.

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