May 11 (Reuters) - Edwards Group Ltd’s units opened flat on their market debut, a day after British vacuum products maker priced its initial public offering below an already lowered range.
Edwards Group’s ADSs were up 9 percent at $8.74 in early trade on the Nasdaq.
The U.K.-based company’s IPO raised about $100 million on Thursday, pricing its 12.5 million American Depository Shares (ADS) at $8 each.
The price was below the company’s expected range of $9 to $10 per ADS. It had initially expected to sell its units at between $11 and $13, but revised the price range later.
Edwards, which makes dry pumps, turbomolecular pumps and other vacuum pumps used mainly in the semiconductor industry, had filed with the U.S. Securities and Exchange Commission in March to raise up to $150 million.
Barclays Capital, Goldman Sachs and Deutsche Bank acted as the lead underwriters for the offering.
The company had canceled its 450 million pound London listing in April last year citing market uncertainty.
Edwards is backed by CCMP Capital and Unitas Capital, both private equity spin-outs from JP Morgan.
It had a profit of $87.5 million on revenue of $1.09 billion in 2011.
The company counts General Electric Co, IBM Corp, LG Display Co, Samsung Electronics Co, Applied Materials Inc, Global Foundries Inc and Lam Research Corp among its customers.