Motricity, a US-based provider of mobile software backed by two strategic investors, has sold six million shares after floating on the Nasdaq stock exchange at $10 per share.
However, US investor Carl Icahn acquired one million shares in the initial public offering in order to maintain his 18.5% holding in Motricity.
The company had hoped to sell 6.75 million shares at between $14 and $16 each.
News provider PEHub.com said Motricity had raised more than $365m in venture funding from two corporate venturing units, Intel Capital and Qualcomm Ventures, and venture capital firms Advanced Equities, New Enterprise Associates, Technology Crossover Ventures, Massey-Burch Capital, Noro-Moseley Partners, Sienna Ventures, TriState Investment Group and Wakefield Group, as well as Icahn.