Itasca’s Gogo falls in first day of trading on the Nasdaq
THE ASSOCIATED PRESS June 21, 2013 8:06AM
Updated: June 21, 2013 10:44AM
ITASCA — Shares of Gogo, which provides Internet services on airlines, declined in its first day of trading on the Nasdaq.
The Itasca company’s stock fell $1.11, or 6.5 percent, to $15.89 in late morning trading Friday.
Gogo Inc. raised $187 million from the initial public offering of 11 million shares.
The offering was priced at $17 per share, at the high end of the projected $15 to $17 range.
The underwriters may buy up to about 1.7 million additional shares to cover any excess demand.
Gogo said in a regulatory filing that it plans to use net proceeds for working capital and other general corporate purposes, such as costs related to international expansion.
Gogo is trading under the “GOGO” ticker symbol. The offering is expected to close on Wednesday.