CommScope wavers after its IPO raises $576.9M

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by The Associated Press

WCNC.com

Posted on October 25, 2013 at 11:38 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.
 

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