Elster Group shares rise after IPO prices below initial expectationsBy AP
Thursday, September 30, 2010
Elster Group shares rise after IPO prices low
NEW YORK — Shares of Elster Group SE are rising in their market debut Thursday after the company’s initial public offering priced below expectations.
The German company, which makes electricity, gas and water measurement and control tools, priced 16.2 million American depository shares at $13 apiece, below its initial expectations of $16 to $18 a share.
At the $13 price, it generated $210.6 million before expenses.
Shares are up $1 to $14 in morning trading. The stock is listed on the New York Stock Exchange under the symbol “ELT.”