Echo Global Turns Lower In First Day Of Trading

NEW YORK (AP) — Shares of Echo Global Logistics Inc., which provides transportation management services, lost ground Friday in their first day of trading on the Nasdaq.

The stock lost 18 cents, hitting, $13.82 in afternoon trading Friday on volume of more than 4 million shares. The stock had a short stint in the green earlier in the day.

The Chicago-based company, which first announced plans for the initial public offering in April 2008, raised $80 million by offering 5.7 million shares at $14 each. The underwriters have the option to purchase up to an additional 855,000 shares.

Echo Global has said it plans to use proceeds from the offering to expand its sales force, enhance its technology, make acquisitions, and for working capital and other general corporate purposes.

Echo Global acts as a middleman for companies, providing services on behalf of its clients through its carrier network of more than 16,000 transportation providers. Echo Global provides logistics services to more than 4,600 clients across a wide range of industries, including manufacturing and consumer products.