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Townsquare Media Rolls Out IPO Shares at $11 Each
RADIO ONLINE | Thursday, July 24, 2014 |
Townsquare Media rolls out its initial public offering (IPO), pricing shares at $11 each for 8,333,333 shares of class A common stock. Shares were expected to price in arange of $14-$16. Trading on the New York Stock Exchange under the symbol TSQ, shares fell as much as 7 percent in its market debut, giving the company a value of about $172 million. The Greenwich, CT-based media company raised about $91.3 million.
Townsquare's shares opened at $10.74 and touched a low of $10.22. The offering is scheduled to close on July 29. Bofa Merrill Lynch, Jefferies, RBC Capital Markets, Guggenheim Securities and Macquarie Capital are serving as joint bookrunning managers.
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