Tags: US | Fabrinet | IPO | Mover

Fabrinet Shares Rise After IPO Prices Low

Friday, 25 Jun 2010 11:06 AM

Shares of Fabrinet, a maker of components for optical communications systems, are rising after its initial public offering priced below expectations.

The company, which is based in the Cayman Islands raised $85 million by selling 8.5 million shares at $10 each. The expected range was $12 to $14. Fabrinet will receive only $26.3 million in proceeds, since stockholders sold two-thirds of the shares in the offering.

Companies and underwriters have been frequently forced to cut prices on IPO shares this year to get deals done in a volatile stock market.

Trading on the New York Stock Exchange Friday under the symbol "FN," Fabrinet shares are rising 79 cents, or 7.9 percent, to $10.79 in morning trading.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved