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Sequans Communications S.A. (SQNS) saw its American Depositary Shares trading below the initial public offering during its debut on the New York Stock Exchange today.
The shares, representing 7.7 million ordinary shares were priced at $10 per unit, but closed the day at e $8.25. The WiMAX and LTE chip maker said 6.6 million of the shares were offered from the company and the remainder being offered by selling shareholders. The shares traded at a high of $9.35 and a low of $8.25 throughout the day.
Underwriters have 30 days to purchase up to 1.1 million shares to cover overallotments. UBS Investment Bank and Jefferies & Co. are managing the offering.
