HomeAway up more than 48 pct. in 1st trading day

NEW YORK — Shares of HomeAway Inc. jumped more than 48 percent in their first day of trading on the Nasdaq.

The online vacation rental company's stock rose $13, or 48.2 percent, to $40 on Wednesday afternoon while the broader markets edged up less than 1 percent.

The Austin, Texas-based company had priced the 8 million shares in its initial public offering at $27 apiece, the top end of its price range of $24 to $27.

About 5.9 million of the shares are being offered by the company, and about 2.1 million are being offered by selling stockholders. HomeAway will not receive any proceeds from the shares sold by the selling stockholders.

The company's websites include VacationRentals.com, BedandBreakfast.com and CyberRentals.com. Its stock is trading under the "AWAY" ticker symbol.