Shares of Zayo Group Holdings Inc. are rising in its first day of trading on the New York Stock Exchange.
The bandwidth infrastructure services provider's shares priced at $19 each, below the projected range of $21 to $24 per share.
The initial public offering of 21.1 million shares was also smaller than the company had expected, and raised about $400 million. About 5 million shares were sold by early investors, so Zayo will not get all the proceeds.
The Boulder, Colorado-based company expects to use its chunk of the money for general corporate purposes.
The stock, trading under the "ZAYO" ticker symbol, added $3.35, or 18 per cent, to $22.35 in Friday morning trading.
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