A Month Later, A123 Systems Still Rising

If you were wondering if the stock of battery maker A123 Systems would hold up after its successful IPO last month, the answer is good.

The stock closed at $23.89 today. The company went public on September 23 for $13.50 a share. (A123 initially was going to sell its stock in the $8 and $9 range but upped it a couple of times right before the IPO.

On the first day of trading on Sept. 24, it rose to $20.18. 

The company specializes in lithium-ion batteries for power tools and cars. It has contracts with BAE Systems and Chrysler. But timing helped too. The stock market has been rising and everyone has been antsy for an IPO. Even though the company has never made a profit and has lost $146 million since it began in 2001, investors flocked to it. Revenues have been climbing.

It wanted to go public last year but pulled the IPO amid the financial turmoil.