July 24 (Reuters) - Shares of radio station operator Townsquare Media LLC fell as much as 7 percent in their market debut, valuing the company at about $172 million.
The Greenwich, Connecticut-based company’s IPO raised about $91.3 million, after its offering of 8.3 million Class A shares was priced at $11, below its expected price range of $14-$16.
Townsquare, whose largest market is New Jersey, operates radio stations, digital and social platforms and organizes live events.
The company operates websites such as TasteofCountry.com, PopCrush.com, UltimateClassicRock.com and Loudwire.com and provides digital advertising services to music-focused websites such as JustJared.com, HypeMachine.com and ContactMusic.com.
Townsquare, earlier known as Regent Communications Inc, emerged from bankruptcy protection in 2010.
Townsquare’s shares opened at $10.74 and touched a low of $10.22 on the New York Stock Exchange. (Reporting By Neha Dimri in Bangalore; Editing by Sriraj Kalluvila)