CommScope wavers after its IPO raises $576.9MOctober 25, 2013 @ 8:35 am
NEW YORK (AP) - Shares of CommScope are wavering after the company's initial public offering raised a total of $576.9 million.
The IPO of 38.5 million shares priced at $15 each, below CommScope's expectations. The Hickory, N.C., company is selling 30.8 million of the shares and expects $437.3 million in net proceeds. The remaining shares are being sold by The Carlyle Group.
Shares of CommScope gained a penny to reach $15.01 in early trading Friday.
The company had expected its IPO to price at $18 to $21 a share.
CommScope Holding Co. is a wireless and broadband network technology company. Its shares are trading under the symbol "COMM" on the Nasdaq Global Select Market.
The company said it will use the proceeds to redeem $399 million in senior notes due in 2019.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Snow, Snow, Snow
Forecasters say one to two inches of snow is expected for the Puget Sound area
Stuck Under Seattle
Big Bertha has hit something along the waterfront that she can't drill through
The Holiday Map
Find lights, Santa photos, tree farms & seasonal events with our holiday map
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.