CommScope (COMM) Raises $576.9 Million In IPO

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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.

[Source: ABC]

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