Magnetek Goes Public: Magnetek, a Los Angeles...

Magnetek Goes Public: Magnetek, a Los Angeles maker of electrical equipment, went public with an initial offering of 5.25 million shares--priced at $12 each--of common stock. The shares, which are traded on the New York Stock Exchange, remained unchanged after their first day of trading. The money raised by the offering will be used to redeem all the company’s preferred stock, long-term notes and reduce bank debt.