Shares of Fairmount Santrol edged higher Friday after the supplier of sand used in oil and gas drilling raised $400 million in an initial public offering — less than half of what the company had predicted.
The Chesterland, Ohio, company priced 25 million shares for $16 each. It had predicted selling 44.5 million shares for $21 to $24 each. If shares had priced in the middle of that range, the IPO would have raised $1 billion.
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Private equity firm American Securities LLC, Fairmount Santrol's owner, sold all the shares in the IPO, so Fairmount Santrol won't receive any of the funds.
Shares of the company, which is formally known as FMSA Holdings Inc., added 10 cents to $16.10 in midday trading. The shares trade on the New York Stock Exchange under the ticker symbol "FMSA."
Other companies that made their public debut Friday were more successful.
— Shares of Yodlee Inc., which provides a software platform for personal finance apps, shot up 48 percent, or $5.70, to $17.70. The Redwood City, California-based company raised $75 million in its IPO, pricing 6.3 million shares at $12 each. That was in line with its expectations. The stock trades on the Nasdaq under the ticker symbol "YDLE."
— Skin drug developer Dermira raised $125 million, with 7.8 million shares going for $16 each. It had previously expected to offer 5.4 million shares for $14 to $16 each. The Redwood City, California, company is studying treatments for conditions including psoriasis, excessive sweating and acne.
But its shares, trading on the Nasdaq under the ticker symbol "DERM," dropped 31 cents, or 1.9 percent, to $15.69.