STR Holdings Prices IPO Below Range, Trades Higher

STR Holdings Inc., an Enfield, Conn.-based maker of solar power module encapsulants, raised $123 million in its IPO. The company priced 12.3 million common shares at $10 per share (below $13-$15 offering range), and closed its first day of trading at $13.10 per share.

Credit Suisse and Goldman Sachs served as co-lead underwriters on the IPO.

DLJ Merchant Banking Partners sold around 4.88 million shares in the IPO, but still holds around a 36% ownership position. Northwestern Mutual Life Insurance Co. sold around 1.46 million shares, and now holds a 10.8% stake.