Greenway shares soar on market debut

(Reuters) - Greenway Medical Technologies' (GWAY.N) shares soared 30 percent on Thursday morning, making the healthcare software provider the top gainer on its debut on the New York Stock Exchange.

The company's shares closed at $13 on the New York Stock Exchange, up 30 percent from their IPO price. At Thursday's closing, the company is valued at about $357.5 million.

Greenway, which competes with Allscripts Healthcare Solutions Inc (MDRX.O) and Athenahealth Inc (ATHN.O), uses an integrated solution called PrimeSUITE to combine clinical, financial and administrative data about patients in a single database.

"Greenway priced 20 percent below (the midpoint of the expected price range) because it is a high multiple relative to Athenahealth. It is in an area that's in demand by investors, and that is why it is up 25 percent," said IPO Desktop analyst Francis Gaskins.

The company's total revenue was $89.8 million during the fiscal year ended June 30, 2011, Greenway said in its filing with U.S. regulators.

The other two companies that started trading along with Greenway did not fare so well. Anti-virus maker AVG Technologies (AVG.N) was surprisingly one of the top losers on the exchange.

Energy company Matador Resources (MTDR.N), like its peers, made a lackluster debut, opening almost two percent below its IPO price of $12.

Both Greenway and Matador priced their offerings below their expected price ranges on Wednesday.

The IPO market is still seeing mixed activity with companies wary about investor appetite given the flat economy and other macroeconomic concerns. Five companies have filed to withdraw their offerings over the past week and at least two have postponed their IPOs.

(Reporting by Sharanya Hrishikesh in Bangalore; Additional reporting by Aman Shah; Editing by Sreejiraj Eluvangal, Supriya Kurane)