JDS Uniphase, a North America-listed maker of optical networking equipment, sold down part of its minority strategic stake in Thailand-based manufacturer Fabrinet in its New York flotation.
JDS owns 6.5% of Fabrinet and had previously sold manufacturing plants across Asia and the US to the company after outsourcing business to the firm after 2000. It is expected to sell its stake down to 1.2% after the listing.
Fabrinet sold 8.5 million shares at $10 each, compared to an expected $12 and $14 each.
Morgan Stanley and Deutsche Bank were co-lead underwriters on the initial public offering.
Venture capital firm H&Q Asia Pacific owned 58.3% before the flotation.