Solar cell equipment supplier GT Solar International's cast a dark gloom on the initial public offering market Thursday, ending its first day as a public company down 12%.
The company's stock closed at $14.59 (â¬9.29) a share on the Nasdaq, down from its initial public offering price of $16.50. The deal's performance surprised analysts, who had expected it to do well, given GT Solar's position as a supplier of essential machinery to the growing solar industry. A total of 30.3 million shares were sold at the midpoint of its expected $15.50 to $17.50 price range, which was set by underwriters Credit Suisse and UBS.
