GT Bicycles Dips in Nasdaq Debut

The price of GT Bicycles Inc. stock dropped slightly Friday in its first day of trading on the Nasdaq market. GT Bicycles, which makes mountain bikes, plans to use proceeds from the offering of 4.7 million shares to help expand as well as repay debt. The Santa Ana company, which now has annual sales of $81.7 million and employs 350, was started by Richard W. Long and Gary Turner in 1979 in a garage. The stock closed Friday at $13.25, down 75 cents from its $14 opening price.