Shares of CommScope fell slightly on Friday 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-based 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 closed down one penny to $14.99 on 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.
CommScope went public less than three years after it went private in January 2011. That’s when The Carlyle Group private equity group acquired the company in a $3.9 billion deal. Associated Press
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