Shares of Global Geophysical Services, which provides seismic data services to oil and gas companies, are rising in their IPO debut.
The company priced its initial public offering below expectations late Wednesday, raising $90 million.
Global Geophysical Services Inc., based in Houston, and its stockholders sold 7.5 million shares to initial investors for $12 apiece. The IPO had been expected to price 9.5 million shares at $15 to $17 each.
The proceeds, which will be about $76.4 million after expenses, will be used to pay down debt and for capital expenditures.
The shares are up 5 cents to $12.05 on the New York Stock Exchange. Earlier the stock fell, trading as low as $11.56. The shares trade under the symbol "GGS."
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