Oct 25, 2013 11:51 AM by Associated Press
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.