Del Frisco's shares fall on debut
July 27 |
July 27 (Reuters) - Shares of Del Frisco's Restaurant Group Inc fell nearly 8 percent on its debut after the steakhouse operator cut the size of its initial public offering and priced it below the expected price range at $13 per share.
The company, which had earlier intended to sell its shares at $14 to $16 apiece, reduced the size of its offering to 5.8 million shares on Thursday.
Del Frisco's intends to use the proceeds from the offering to repay debts and make a one-off $3 million payment to Lone Star Fund, an affiliate of the company's controlling shareholder.
The stock was trading at $12.10 on the Nasdaq on Friday morning after touching a low of $12.
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