The company priced 11.765 shares of Class A common stock in its initial public offering at $15 a share, below its $16 to $18 range. U.K. private equity firm 3i Group backed the Teaneck, N.J.-based Phibro, which sold 7.352 million shares in the offering. Selling stockholder Mayflower, which 3i manages, offered the rest of the shares.
Phibro opened at $16.50 on Friday and hit a high of $16.75 as of 1:15 p.m. More than 3.3 million shares had changed hands.
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