Zayo Group (ZAYO) IPO Opens, Trades Higher after Weak Pricing
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Today's IPO for Zayo Group (NYSE: ZAYO) opened for trading at $21.51 after pricing 21,052,631 shares of its common stock at a price to the public of $19.00 per share, below the expected $21-$24 range. Shares have continued higher to $22.14.
In the offering, the Company sold 16,008,679 shares of common stock and selling stockholders sold 5,043,952 shares of common stock. The underwriters have a 30 day option to purchase from the selling stockholders up to an additional 3,026,371 shares of common stock.
Morgan Stanley, Barclays, and Goldman, Sachs & Co. acted as lead book-running managers and representatives of the underwriters for the offering. RBC Capital Markets, Citigroup and SunTrust Robinson Humphrey acted as joint book-running managers for the offering.
Based in Boulder, Colo., Zayo Group provides comprehensive Bandwidth Infrastructure services in over 300 markets throughout the US and Europe. Zayo delivers a full suite of lit services and dark fiber products to wireline and wireless customers, data centers, Internet content providers, high-bandwidth enterprises, and government agencies across its robust 81,000 route mile network. The company also offers 37 carrier-neutral colocation facilities across the US and France.
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