Shares of Roadrunner Transportation Systems are slipping in their trading debut after the trucking company's initial public offering raised $148.4 million.
Roadrunner priced its IPO of 10.6 million shares at $14 apiece, the bottom of its expected range.
The Cudahy, Wis., company is one of three that are expected to begin trading Thursday in a troubled market for IPOs. Retailer Express priced its shares Wednesday night below expectations, while navigation services provider TeleNav cut the price range for its shares. Metals company Noranda Aluminum, which is expected to price Thursday, also cut its deal size.
Shares of Roadrunner Transportation Systems Inc., which are trading on the New York Stock Exchange under the symbol "RRTS," are slipping 9 cents to $13.91 in morning trading.
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