Shares of Tower International Inc. LLC are losing in their market debut after the initial public offering raised less than the company expected.
The company, formerly Tower Automotive Inc., said it priced 6.25 million shares at $13 apiece, totaling $81.25 million, on Thursday night. That's less than its original pricing range of $15 to $17 each.
Shares of the Livonia, Mich., company fell 10 cents to $12.90 on Friday afternoon.
The auto parts maker plans to use $53.5 million of the proceeds to lower its revolving credit facility's outstanding balance. Remaining funds may be used to reduce foreign subsidiary debt and for other purposes.
Tower's stock is traded on New York Stock Exchange under the ticker "TOWR."