Andersen Group Shares Gain 47% After $176 Million US IPO (1)

Shares of Andersen Group Inc., the US arm of the professional services firm that succeeded the shuttered accounting giant Arthur Andersen, rallied 47% in its trading debut.

The company’s shares closed at $23.50 each in New York, above the IPO price of $16 apiece. At the closing price, Andersen would have a market value of around $2.6 billion based on the outstanding shares listed in its filings.

The firm raised $176 million in an initial public offering pricing shares at the top of the range. It sold 11 million shares at $16 each, according to a statement Tuesday. The ...