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. Last Updated: 07/27/2016

Musicmaker IPO Sings

WASHINGTON -- Shares of, which sells music over the Internet, surged from $14 a share to $23.93 on Wednesday, its first day of trading on the Nasdaq Stock Market.

The 71 percent jump did not match the first-day performance of the hottest recent initial public offerings of Internet firms - which have doubled and tripled - but it was a huge payoff for the firm and its backers, raising about $67 million in capital that Chairman Robert Bernardi said will be used for a major marketing campaign to promote the company's system for selling custom CDs via the Internet.

It also produced an instant profit for EMI, the British record company that only a month ago acquired a 50 percent stake in and sold about 3 million of its shares for $43.4 million on Wednesday. EMI still owns more than 12 million shares, worth $288 million at the closing price for its first day.