QuinStreet, Generac, Graham Packaging complete IPOs after modifying offerings

3 companies complete IPOs after cutting prices

NEW YORK — Three companies, including QuinStreet Corp., an Internet marketing company whose fast-growing sales made it a standout among this month’s crop of IPOs, managed to go public Thursday after slashing prices on their offerings.

QuinStreet shares were little changed Thursday after the Foster City, Calif. company raised about $140 million after expenses by selling 10 million shares for $15 in its initial public offering. It had hoped its stock which fetch between $17 to $19.

QuinStreet stock rose 1 cent to $15.01 in afternoon trading.

Worries about European debt, Chinese lending and U.S. unemployment and government policy are roiling stock markets, making it difficult for companies to raise money from risk-shy investors.

Companies that do go public are cutting prices or the amount of stock they’re offering to get their deals done.

Generator manufacturer Generac Holdings Inc. raised about $244.4 million, selling 18.8 million shares for $13 apiece. The Waukesha, Wis., company had previously hoped to offer 20.3 million shares for between $15 to $17.

Shares fell 12 cents to $12.88.

Meanwhile, Graham Packaging Co., a supplier of containers for food, beverages and other consumer products majority-owned by private-equity firm Blackstone Group, raised barely half of what it had intended.

The York, Pa., company sold 16.7 million shares for $10, raising $166.7 million. It had been hoping for a price between $14 to $16.

Blackstone and the company founders, the Graham family, decided not to sell any of their stakes, shrinking the deal.

Graham shares rose 44 cents, or 4.4 percent, to $10.44.

Meanwhile, Chinese solar energy company JinkoSolar Holding Co. Ltd. became the fifth company in 2010 to table its IPO. That means nearly 30 percent of the companies that have tried to come to market have failed.

JinkoSolar had been originally slated to start trading earlier this week, but was delayed due to poor market conditions, said a person with knowledge of the deal who didn’t want to be identified because the news hasn’t been made public.

There’s no timeframe for JinkoSolar, which had hoped to raise about $74 million, to go public.