NEW YORK, N.Y. – Shares of Endurance International are falling in their trading debut.
The technology company’s stock dropped 75 cents, or 6.3 per cent, to $11.25 in midday trading Friday.
The initial public offering of approximately 21.1 million shares priced at $12 each.
The IPO’s size was smaller than the approximately 23.4 million shares Endurance previously said it expected. And the offering priced below its anticipated price range of $14 to $16 per share.
Endurance International Group Holdings Inc., which provides cloud-based solutions for small- and medium-sized businesses, raised about $253.2 million from the offering. It is based in Burlington, Mass.
The company is giving the underwriters a 30-day option to buy up to an additional 3.2 million shares.
The stock is trading on the Nasdaq under the “EIGI” ticker symbol.