On a day when Twitter's impending listing dominated initial public offering buzz, two private equity backed companies debuted with tepid results.
Carlyle Group(CG)-backed CommScope(COMM)Holding Co. raised nearly $577 million in its initial public offering of 38.5 million shares, which priced at $15 apiece, below a previously set per-share range of $18 to $21.
CommScope, of Hickory, N.C., provides connectivity and infrastructure for wireless, business enterprise and residential broadband networks. It makes coaxial fiber and other cables used to build communications infrastructure. Washington, D.C.-based Carlyle took the company private in January 2011 for about $3.36 billion, or $3.9 billion including assumed debt.
The company's shares nearly ended the day where they started. Shares traded on the Nasdaq Stock Market at $14.99 each at Friday's close.
That was a smaller drop than the 6.25% slide of Endurance International Group Holdings Inc., the other PE-backed company to debut Friday. The communications infrastructure company, backed by Warburg Pincus and GS Capital Partners, the private equity affiliate of Goldman Sachs Group Inc., priced 21 million shares at $12 each, also under a previously estimated range of $14 to $16 per share. During 4 p.m. trading on the Nasdaq, those shares were down 75 cents, trading at $11.25.
Write to Hillary Canada at hillary.canada@wsj.com
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