Shares of engineering services company Mistras Group rise on first day of trading
By APThursday, October 8, 2009
Mistras Group shares rise on first day of trading
NEW YORK — Mistras Group Inc. stock rose Thursday, its first day of trading, after the engineering services company priced its initial public offering of shares at a price below its initial target.
The Princeton Junction, N.J., company said Wednesday that 8.7 million shares will be offered at $12.50 per share. That would raise $108.8 million before expenses related to the offering.
Mistras initially indicated it would price its shares at $14 to $16 per share, which would have yielded up to $139.2 million before expenses.
The company provides nondestructive testing and inspection services and software for analyzing, storing and monitoring inspection data. Customers include energy and industrial businesses and federal and state agencies.
In nondestructive testing, infrastructure is examined to identify defects and improve safety and operating performance without affecting the usefulness of the assets. The testing process is seen as an alternative to traditional inspection techniques that might otherwise require dismantling equipment or shutting down a plant.
In midday trading, shares rose 32 cents, or 2.6 percent, to $12.82.
