Clear Channel Outdoor
, priced its 35 million-share initial public offering at $18 apiece.
The San Antonio-based advertising company had been expected to fetch $20-$22 a share in the offering. Clear Channel Outdoor has said it would use proceeds of the offering to pay off intercompany debt.
In April, Clear Channel said it would realign parts of its business. It set plans to sell 10% of its outdoor business and to spin off the whole entertainment business. The company also intends to return about $1.6 billion of capital to shareholders through "either share repurchases, a special dividend or a combination of both," it said last month.