Zayo Group rises in 1st day of trading after raising less money than predicted

MarketsAssociated Press

Shares of Zayo Group Holdings Inc. are rising in its first day of trading on the New York Stock Exchange.

The bandwidth infrastructure services provider's shares priced at $19 each, below the projected range of $21 to $24 per share.

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The initial public offering of 21.1 million shares was also smaller than the company had expected, and raised about $400 million. About 5 million shares were sold by early investors, so Zayo will not get all the proceeds.

The Boulder, Colorado-based company expects to use its chunk of the money for general corporate purposes.

The stock, trading under the "ZAYO" ticker symbol, added $3.35, or 18 percent, to $22.35 in Friday morning trading.