Daily News - Bankrate falls more than 4 pct in debut (AP) Daily Business News
NEW YORK – Bankrate Inc.'s stock declined more than 4 percent in its debut on the New York Stock Exchange.
The finance data publisher from North Palm Beach, Fla., had raised approximately $187.5 million before expenses from its initial public offering.
The shares dropped 63 cents, or 4.2 percent, to $14.37 from its offering price in morning trading Friday.
The offering was priced at $15 per share, the midpoint of its expected range. Bankrate had indicated in a regulatory filing that it planned to offer 12.5 million shares of common stock at a price of $14 to $16 apiece.
An additional 7.5 million shares are being offered by company stockholders. Bankrate won't receive any proceeds from the sale of those shares.
The stock is trading under the "RATE" ticker symbol.
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