Luxfer Holdings rises in market debut
Oct 3 (Reuters) - American Depository Shares of Luxfer Holdings Plc, a British maker of high-performance materials and gas cylinders, rose 17 percent in their market debut, a day after the company priced its initial public offering below its expected price range.
The company priced its IPO of 8 million ADSs at $10 each, significantly below its expected price range of $12 and $14 per ADS, raising $80 million.
Salford, England-based Luxfer makes products and components in aluminium, magnesium, zirconium, rare earths and other materials. Its products include specialty chemicals, photo-sensitive plates, high-pressure cylinders and metal panels.
The company, which is backed by Barclays and Avenue Capital Group, among others, postponed its IPO plans in December citing market conditions.
Credit Suisse, Jefferies, KeyBanc Capital Markets and Oppenheimer & Co were jointly underwriting the IPO.
Real estate investment trust Javelin Mortgage Investment Corp, which also debuted on the New York Stock Exchange on Wednesday, opened below its IPO price of $20.
Javelin had increased its float to 7.25 million shares.
ADSs of Luxfer were at $11.45 in morning trading on the New York Stock Exchange. Shares of Florida-based Javelin Mortgage were down at $19.68.