NEW YORK (AP) — STR Holdings Inc. shares climbed modestly after the solar products company launched its initial public offering but priced below expectations on the New York Stock Exchange.
Shares rose 29 cents, or 2.9 percent, to $10.29 in morning trading. They priced at $10, which was below the expected range between $11 per share and $13 per share. A day earlier, the company cut its expected share price from a range of $13 to $15.
STR is offering 3.3 million shares and selling shareholders are offering 9 million shares.
STR, based in Enfield, Conn., makes solar module encapsulants and provides consumer product quality assurance services. Encapsulants are specialty sheets and film that hold a solar module together and protect the semiconductor circuit.
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