Printrak IPO Yields Lower-Than-Expected Price
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ANAHEIM — In another indication that the market for new stocks is cooling, an initial offering of Printrak International was priced at $8, below the range that the company had anticipated.
The company, which makes automated fingerprint identification systems, had estimated that the offering of 2.5 million shares of common stock would command a price of $9 to $11 each.
The stock closed at $8 on the Nasdaq market after trading as high as $9 during the day.
Proceeds from the offering are expected to be used for repayment of debt, capital expenditures and possible acquisitions.
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