NEW YORK (AP) — Shares of Cellu Tissue Holdings are trading about 5 percent lower after the tissue paper maker’s initial public offering priced below expectations.
Cellu raised about $107.9 million after pricing 8.3 million shares at $13 apiece. They had been expected to fetch $15 to $17 each. The Alpharetta, Ga., company sold a half-million more shares than planned.
Symetra Financial, a Warren Buffett-linked insurer, is getting the bulk of investors’ attention. Investors are also wary as the broader stock market declines for the third straight day.
Cellu Tissue Holdings Inc. supplies private-label tissue paper to stores such as Dollar General and Walmart, and other tissue manufacturers and industry suppliers.
Shares fell 75 cents to $12.25 in morning trading.