Kraton Performance Polymers shares rise in trading debut after IPO prices below expectations
By APThursday, December 17, 2009
Kraton Performance shares rise in trading debut
NEW YORK — Shares of Kraton Performance Polymers are rising in their trading debut Thursday after its initial public offering priced below expectations.
The company sold 10.3 million common shares for $13.50 each. Kraton had hoped for them to price between $16 and $18.
Shares rose 6 cents to $13.56 in morning trading.
Kraton Performance Polymers Inc. makes polymers for a wide range of products from adhesives to automobiles.
It plans to use proceeds to pay down debt and to build production capabilities.
The market for IPOs has lost steam this month. Two other IPOs this week have priced below expectations. Of the eight IPOs set to go public last week, half did not launch and three priced below expectations or traded lower than their offering price.
