Shares of materials research company Intermolecular are fell in their stock market debut Friday.
The company and its shareholders had sold 9.7 million shares for $10 each, below the expected range of $12 to $14. The IPO raised $96.5 million.
San Jose, Calif.-based Intermolecular Inc. helps semiconductors, LCD glass and solar panels speed up their research and design process.
Shares, down 5 percent, or 50 cents, to $9.50, are trading on the Nasdaq under the symbol "IMI."
The company was founded in 2004. In the first nine months of this year, it lost $4.5 million, compared with a loss of $2.9 million in the same period last year. Revenue was $38.7 million, up 36 percent from $28.5 million last year.