Horsehead Holding (ZINC) moved higher in trading on Friday in its first day of public trading. Shares edged higher through most of the morning and into the afternoon before leveling off. It closed at $18.59, up 59 cents. Early Friday, Horsehead revealed that the company priced the initial public offering of about 4.87 million shares of its common stock at $18.00 per share. This at the low end of an anticipated range of $18.00 to $20.00 per share. The company said that among the total, approximately 4.17 million shares will be offered by the company. The funds gathered from the IPO will be used for capital improvements and for general corporate purposes.
The company said that Friedman, Billings, Ramsey & Co. is the lead underwriter. The sale of the stock would be constituted only after the registration or qualification under the securities law.
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