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.
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.