San Diego-based HNC Software Inc. tapped into the dot-com stock frenzy Thursday, spinning off a subsidiary named Retek Inc. that specializes in business-to-business electronic commerce software.

Retek, based in Minneapolis, raised $82 million in an initial public offering. The offering's underwriters had expected that it would trade at $12 to $14 a share; it closed Thursday at $32.5625. With 45.5 million shares outstanding, Retek has market capitalization of $1.48 billion, a hair under HNC's market cap of $1.49 billion.

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