CommScope wavers after its IPO raises $576.9M

[October 26, 2013]  NEW YORK (AP) -- Shares of CommScope are wavering after the company's initial public offering raised a total of $576.9 million.

The IPO of 38.5 million shares priced at $15 each, below CommScope's expectations. The Hickory, N.C., company is selling 30.8 million of the shares and expects $437.3 million in net proceeds. The remaining shares are being sold by The Carlyle Group.

Shares of CommScope gained a penny to reach $15.01 in early trading Friday.

The company had expected its IPO to price at $18 to $21 a share.

CommScope Holding Co. is a wireless and broadband network technology company. Its shares are trading under the symbol "COMM" on the Nasdaq Global Select Market.

The company said it will use the proceeds to redeem $399 million in senior notes due in 2019.

[Associated Press]

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