The owner of the Terminix pest control and American Home Shield brands priced its initial public offering of 35.9 million shares at $17 a share, slightly less than the expected range of $18 to $21 a share. The offering included a 30-day option for underwriters to purchase up to an additional 5.385 million shares. ServiceMaster raised $610.3 million in the offering.
The stock opened at $17.45, dipped to a low of $17.08 and then hit a high of $17.63 as of 11:21 a.m., by which point more than 10.1 million shares had changed hands.
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