Carlyle-backed Commscope raises $577m in IPO priced below expected range

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shares stocks IPOCarlyle-backed telecommunications equipment provider CommScope raised about $577m through its IPO on Friday despite pricing it below its expected range.

The company had hoped to list on the Nasdaq exchange by selling shares at between $18 and $21 each, but settle for parting with about 38.5 million shares at $15 each.

Carlyle offered about 7.6 million shares in the business in the listing, raising just over $115m.

The firm bought into CommScope in early 2011 in a deal worth about $3.9bn.

CommScope previously said it planned to use the proceeds to redeem a portion of its 8.25 per cent senior notes due 2019 and to pay related interest and expenses.

JP Morgan, Deutsche Bank Securities and BofA Merrill Lynch were lead book-running managers for the IPO.

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