Telescope Maker Meade’s Shares Rise 5%
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IRVINE — Meade Instruments Corp. shares rose 5% on their first day of trading.
Shares in the maker of telescopes and astronomy equipment, which initially had been priced at $7, rose 37.5 cents to $7.375 as 899,100 shares changed hands.
Meade said the initial public offering, which was priced below the anticipated range of $8 to $10 per share, is expected to generate $15.6 million, which it will use to repay debt and redeem outstanding preferred stock. The company issued 3.4 million shares.
Meade, which was founded in 1972, sells 40 different telescopes to beginning and serious amateur astronomers through catalogs and retailers including Wal-Mart and the Nature Co.
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