Applied Optoelectronics shares fall after $36M IPO

AP News
Posted: Sep 26, 2013 12:20 PM

SUGAR LAND, Texas (AP) — Shares of Applied Optoelectronics Inc. are dropping in their market debut after the company raised $36 million in its initial public offering.

The company provides fiber optic networking products used for cable TV and Internet data centers.

It priced 3.6 million shares at $10 each, below the expected range of $13 to $15 per share.

The Sugar Land, Texas-based company expects proceeds of $30.8 million after expenses. It plans to use that money to pay debt, invest in or acquire other companies and to purchase equipment.

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Shares trade on the Nasdaq exchange under the symbol "AAOI." They are down 15 cents, or 1.5 percent, to $9.85 in midday trading Thursday.