Investors showed little appetite for the IPO of steakhouse chain Del Frisco’s Restaurant Group Inc. (DFRG) on Friday, sending the shares down after the deal was scaled back.
The company’s stock opened at $12.75 a share on the Nasdaq, down 1.9% from its initial public offering price of $13. It sold 5.8 million shares—below the seven million originally planned—at a price below its expected range of $14 to $16.
Instead of the $112 million the company had hoped to raise, it ended up raising $75 million.
Source: Wall Street Journal