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H&Q banks on itself with IPO

Hambrecht & Quist, the San Francisco investment banking firm best known for taking technology companies public, made its own initial public offering today.

Hambrecht & Quist, the San Francisco investment banking firm best known for taking technology companies public, made its own initial public offering of 3.5 million shares today.

Shares traded around 18-1/2 in the morning, up 2-1/2 from its initial offering of 16. The offering came somewhat later than expected, a delay that analysts attributed to turbulence among technology stocks, though H&Q has insisted that the scheduling had not changed.

Proceeds of the $56 million will be used for the firm's own investments in companies, as well as other purposes. Beyond its specialty areas of technology and health care stocks, the company is expanding its focus to consumer goods, information firms, and outsourcing operations.

Lead manager for the offering was Hambrecht & Quist itself, with Morgan Stanley and Smith Barney as co-managers.