Shares of communications software company BroadSoft fall in trading debut after IPO prices low
By APWednesday, June 16, 2010
BroadSoft shares slump after IPO prices low
NEW YORK — Shares of communications software company BroadSoft are sliding in their market debut.
The Gaithersburg, Md. company’s initial public offering raised $67.5 million after the shares priced at $9 each, the bottom of their expected range. That implies lackluster demand for the stock.
The IPO market remains weak as global stock markets remain volatile and investors worry about slowing economic growth in China and Europe. Shares of options exchange CBOE Holdings jumped 12 percent Tuesday, but the success of a highly anticipated IPO doesn’t suggest that the broader market for new offerings has turned a corner, analysts say.
BroadSoft Inc. shares, trading on the Nasdaq Global Market under the symbol “BSFT,” are dropping $1, or 11 percent, to $8.
