Gain Capital shares fall on first trading day (AP)
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Shares of Gain Capital Holdings are falling in their first day of trading on the New York Stock Exchange.
The stock is selling for $8.70 in midday trading, down 30 cents from its initial public offering price of $9.
The Bedminster, N.J., company is an online foreign exchange trading platform for retail customers. Its IPO of 9 million shares generated gross proceeds of $81 million. But it was priced below a range of $13 to $15 per share that the company expected.
Gain Capital offered 407,692 shares and selling stockholders offered about 8.6 million. Underwriters also have an option to buy more than 1.3 million additional shares to cover excess demand.
The stock trades under the ticker symbol "GCAP."
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