Motricity (MOTR) shares are getting a decidedly unenthusiastic reception on the company’s first day in the public markets.
The company, which provides mobile phone data services, came public this morning with an offering of 6 million shares at $10; that includes 1 million shares being acquired at the IPO price less the underwriting discount by investor Carl Icahn, who already has a 18.5% stake in the company. The offering is being managed by J.P. Morgan and Goldman Sachs. Original price talk on the deal was $14-$16; that range was later reduced to $10-$11; the stock prices at the low end, and has now traded lower still.
MOTR is down 80 cents, or 8%, to $9.20.
Earlier this week, voice over IP software provider Broadsoft (BSFT) came publicat $9 a share, the low end of the $9-$11 price talk range; the stock today is down 3 cents to $8.33.
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