Mitel Networks Prices Low IPO, Trades Even Lower

Mitel Networks Corp., an Ottawa-based provider of telecom services to small and mid-sized businesses, raised $147.4 million via its IPO.

The company sold around $10.5 million shares at $14 per share, compared to a planned range of between $18 and $20 per share. It closed its first day of trading on the Nasdaq down at $12.30 per share.

Major shareholders include Wesley Clover Corp and an affiliate of Francisco Partners.