Townsquare Media, a US-based owner and operator of several radio stations, raised $91.7m yesterday from its initial public offering.
The company issued 8.33 million shares priced at $11.00 each, well below the $14-$16 range it had set. Townsquare had initially targeted $143.8m when it filed for an IPO last month.
GE Capital, a financial subsidiary of conglomerate General Electric, retained the 3.2 million shares it owned before the IPO, while Oaktree and MSD Capital Management each kept hold of the 10.7 million and 1.6 million shares they owned respectively.
Townsquare, which emerged in 2010 from the bankrupt Regent Communications, owns 312 radio stations and more than 325 price comparison sites across the US. It plans to use the proceeds to repay part of the cash owed through 10% senior notes due 2019.
BofA Merrill Lynch, Jefferies, RBC Capital Markets, Guggenheim Securities and Macquarie Capital are acting as joint bookrunning managers. They have the option of buying a further 1.25 million shares, which would increase the proceeds to just over $102m.
Townsquare opened at $10.74 on the New York Stock Exchange, fluctuating between $9.33 and $10.84 before closing at $10.25.