After lowering its share prices to $14 last week, Eschelon Telecom yesterday closed its initial public offering, which garnered net proceeds of $69.8 million.
Eschelon sold 5.3 million shares, leaving nearly 804,000 for its underwriters. The company now trades on the Nasdaq under the symbol “ESCH.”
Some of the proceeds from the IPO will go toward the companys debt.
Lehman Brothers Inc. and Jefferies & Company, Inc. served as joint book-running managers of the offering. UBS Securities LLC acted as a joint lead manager.