CommScope (COMM) Raises $576.9 Million In IPO
CommScope (NASDAQ:COMM) has raised a total of $576.9 million in an initial public offering. The IPO of 38.5 million shares were priced at $15 each, which was below the expectations. Based in Hickory, North Carolina, CommScope is selling 30.8 million of the shares and expects $437.3 million in proceeds. The remaining shares are sold by The Carlyle Group. The shares of CommScope gained a penny at $15.01 in early trading on Friday. The wireless and broadband network technology company was expecting their IPO price to hit $18 to $21 per share. CommScope will be using the proceeds to redeem $399 million in senior notes due in 2019.