NEW YORK (
debut on the New York Stock Exchange this morning was disappointing.
Opening at $10 a share, it fell below the company's expectation of offering between $11 and $13 a share. This estimate was lowered last night from a previous outlook of $13 to $15 a share.
Regardless, shares are growing 3% to $10.9 in early morning trading.
The solar company, the first one to launch an initial public offering in more than a year, is offering 3.3 million shares, while selling shareholders are offering 9 million. Underwriters have the option to purchase up to an additional 1.84 million shares.
The company will not receive any proceeds from the sales of stockholders' shares.
STR said it plans to use proceeds to repay debt and fund working capital and general corporate purposes.
Other IPOs that took place during the week were
( ACOM) and the highly-anticipated
-- Reported by Jeanine Poggi in New York
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