CommScope completed its initial public offering of 38,461,537 shares of its common stock at $15.00 per share, raising $577 million.
The shares, which are listed on NASDAQ under the ticker symbol "COMM", closed at $14.99 on the first day of trading (Friday, October 25).
The company expects to net approximately $437.3 million after underwriting costs. The company intends to use the net proceeds it receives from the offering, plus cash on hand, to redeem approximately $399 million in aggregate principal amount of its 8.25% Senior Notes due 2019 and to pay related premiums, expenses and accrued interest. J.P. Morgan, Deutsche Bank Securities and BofA Merrill Lynch were lead book-running managers.