Shares of Pendleton-based Remy International Inc. got off to a strong start on the NASDAQ exchange Thursday as the stock rose 4.1 percent.
Company shares began trading on the NASDAQ exchange Thursday morning at $15.85 per share and climbed to $16.50 by the end of the day. Overall, NASDAQ was down slightly (8 points) during the same period.
“We’re pleased to see positive movement,” Remy CEO John Weber told IBJ Thursday morning. “And that is indicative of our aspiration, which was that we think that if the stock gets more exposure and liquidity, then the stock will respond favorably.”
Remy shares had been listed on the thinly traded pink sheets under the ticker symbol RMYI. Shareholders were employees or minority owners.
Remy filed with the Securities and Exchange Commission on Sept. 21 to offer 40,000 company shares to employees and immediate family members.
By offering a limited number of shares, Remy boosted its shareholder count from 190 to 300, enabling the company to list on NASDAQ.
Remy's ticker on the NASDAQ is REMY.
Weber will help mark the NASDAQ listing by ringing the ceremonial opening bell Monday.
“It’s been a long and tortuous journey over the past seven years, and five since we’ve restructured,” he said. “We’ve weathered the automotive meltdown, and we’re gaining shares in the marketplace.”
Remy produces starters, alternators and hybrid motors for light- and heavy-duty vehicles. The company also remanufactures starters and alternators.
Once a division of General Motors Corp., the company was spun off in 1994 as Delco Remy before adopting its current name in 2004.
The company has 6,500 employees worldwide and 400 in Indiana.
In the third quarter ended Sept. 30, Remy earned $17.2 million on revenue of $277 million.