Convio Surges on First Day After Cutting IPO Price

Convio reduced its IPO price after credit-rating downgrades of Greece, Portugal and Spain roiled equity markets and last week’s offerings in the U.S. raised 21 percent less than sought. All seven companies asked buyers to pay a premium after the Standard & Poor’s 500 Index’s rally to the highest level since 2008 had revived demand for IPOs.