NeoPhotonics Corp., which starts trading today on the New York Stock Exchange under the ticker symbol "NPTN," raised $82.5 million in its IPO, led by Bank of America, (NYSE:BAC) and Deutsche Bank (NYSE:DB). The company increased the number of shares available to boost the total.
A total of 7.5 million shares were sold at a price of $11 each. That was after the initial offering of 7 million shares at $9 to $11 each, according to its filing with the U.S. Securities and Exchange Commission.
The company said they will use the money raised for working capital.
This week 11 companies are attempting to raise almost $1 billion through IPOs.
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