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Intermolecular shares fall in 1st day of trading

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[November 19, 2011]  NEW YORK (AP) -- Shares of materials research company Intermolecular are fell in their stock market debut Friday.

The company and its shareholders had sold 9.7 million shares for $10 each, below the expected range of $12 to $14. The IPO raised $96.5 million.

San Jose, Calif.-based Intermolecular Inc. helps semiconductors, LCD glass and solar panels speed up their research and design process.

Shares, down 5 percent, or 50 cents, to $9.50, are trading on the Nasdaq under the symbol "IMI."

The company was founded in 2004. In the first nine months of this year, it lost $4.5 million, compared with a loss of $2.9 million in the same period last year. Revenue was $38.7 million, up 36 percent from $28.5 million last year.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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