NEW YORK ( TheStreet) -- Rubicon Technology (RBCN - Get Report) shares traded higher Friday after the advanced electronic materials provider announced a public offering of 1.8 million shares of common stock.
Rubicon Tech said it will offer 1.8 million common shares, and has granted underwriters a 30-day option to purchase up to an additional 270,000 shares to cover overallotments, if any. Rubicon Tech said net proceeds will be used to expand its crystal growth and post crystal growth manufacturing facilities and for working capital and other general corporate purposes.
Last week, Rubicon Tech filed for a $60 million mixed shelf offering and said selling shareholders may offer up to $40 million in common stock. The company said it will not receive proceeds from sales by selling shareholders.
Shares of Rubicon Tech were lately up 0.7% to $27.49, and more than 10% since filing the registration statement last week. The stock is up 35% in 2010 and more than 160% over the last year.Elsewhere, shares of China New Borun (BORN - Get Report) held steady after the company priced its initial public offering of 5.725 million shares at $7 per American Depositary share, below the expected range, for gross proceeds of approximately $40.075 million. China New Borun initially expected the IPO to be priced in a range of $12 to $14 per ADS before reducing that forecast to a range of $8 to $9 per ADS. Lately, shares were up 1.4% to $7.10 in its debut on the New York Stock Exchange. Midway Gold (MDW) shares rose 2.7% to 58 cents after the company said it has increased its unit offering to C$6.6 million from C$6 million. The offering will consist of the sale of up to 9.41 million units in Canada and the U.K. and up to 1.67 million units in the U.S. at 60 Canadian cents per unit. Midway said that each unit consists of one common share and one half of one non-transferable common share purchase warrant, which entitles the holder to purchase one common share of Midway at a price of 80 Canadian cents per share. Zions Bancorp (ZION - Get Report) shares were trading down Friday after the bank said it has priced an offering of 5 million preferred shares, raising $125 million. Zions priced each share at $25 with an initial dividend rate of 11%. Underwriters have a 30-day option to purchase up to 750,000 additional shares to cover overallotments.