Shares of STR Holdings Inc climbed modestly today after the Enfield solar products company launched its initial public offering but priced below expectations on the New York Stock Exchange.
Shares rose 29 cents, or 2.9 percent, to $10.29 in morning trading. They priced at $10, which was below the expected range between $11 per share and $13 per share. A day earlier, the company cut its expected share price from a range of $13 to $15.
STR is offering 3.3 million shares and selling shareholders are offering 9 million shares.
Underwriters have the option to purchase up to an additional 1.845 million shares.
STR makes solar module encapsulants and provides consumer product quality assurance services. Encapsulants are specialty sheets and film that hold a solar module together and protect the semiconductor circuit.
STR said it plans to use proceeds to pay off debt and fund working capital and general corporate purposes.
By going public, STR would launch the first solar initial public offering on a U.S. index in over a year. (AP)
