Wesco Aircraft shares slipping in IPO debut

AP News
Posted: Jul 28, 2011 11:05 AM
Wesco Aircraft shares slipping in IPO debut

Shares of Wesco Aircraft, a supplier of parts and services for the aerospace industry, are slipping in their market debut after the initial public offering priced below expectations.

The Valencia, Calif., company's stockholders had sold 21 million shares for $15 each, below the forecast range of $15.50 to $17.50. The IPO raised $315 million before expenses for the private equity firm Carlyle and Wesco executives, including the CEO. The company won't receive any proceeds from the offering.

The shares are down 28 cents, or 1.8 percent, at $14.72 in late morning trading. The shares are trading on the New York Stock Exchange under the symbol "WAIR."

Meanwhile, tea retailer Teavana Holdings Inc. is up more than 60 percent and restaurant supply chain Chefs' Warehouse jumped 12 percent in their market debuts.