Temporary recruiting firm AMN Healthcare Services/(NYSE:AHS) raised $170 million in its initial public offering yesterday – above expectations – making it the second hospital staffing company to successfully tap the market in less than three weeks. The warm reception by investors for San Diego-based AMN Healthcare, which places nurses at hospitals on assignments of up to 13 weeks away from their homes, comes on the heels of rival Cross Country's/(NASDAQ: CCRN) 19-percent first day gain on Oct. 25. Both outfits are benefiting from the country's growing shortage of nurses, at a time when general staffing companies are seeing their revenue and income plunge. AMN Healthcare sold 10 million shares at $17 apiece, above the estimated price range of $14 to $16 a share, lead underwriter Banc of America Securities said. UBS Warburg was the other underwriter. AMN Healthcare booked revenue of $357 million in the first nine months of 2001, more than twice the revenues it recorded in the same period last year, the company said in its regulatory filing with the U.S. Securities and Exchange Commission. The company said it will use most of the IPO proceeds to pay down its debt. Today, AMN Healthcare opened 24 percent higher, at $21, in its New York Stock Exchange debut. At that price, with 40.7 million shares outstanding after the offering, AMN Healthcare has a market capitalization of $855 million.