Reuters: Global Markets: West Corp fails to impress on second outing on Nasdaq

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West Corp fails to impress on second outing on Nasdaq Mar 22nd 2013, 15:26 Fri Mar 22, 2013 11:26am EDT (Reuters) - Shares of private-equity backed West Corp (WSTC.O) fell as much as 7 percent in their market debut, even after the phone service provider priced its initial public offering below the expected price range. West Corp shares opened at $19 on the Nasdaq, about $1 below their IPO price. The company initially expected to price its offering of 21.3 million shares at between $22 and $25 per share. West Corp provides conferencing services and other communications technology and services to a variety of clients, including hospitals, public safety organizations and corporations. The company was taken private by a group led by private equity firms Thomas H. Lee Partners and Quadrangle Group for $3.34 billion in 2006, ten years after the company first went public. At the opening price, the company is valued at $1.59 billion. West Corp, which raised about $400 million from the offering, is the most high-profile offering among the eight IPOs scheduled for the week. The company plans to use the proceeds to repay debt. It has about $4 billion in debt as of December 2012. Omaha, Nebraska-based West Corp competes with AT&T Inc (T.N), Verizon Communications Inc (VZ.N), Cisco Systems Inc (CSCO.O), Microsoft (MSFT.O) and Thomson Reuters Corp (TRI.TO). The company reported net income of $125.5 million on revenue of $2.64 billion for 2012. (Reporting by Ashutosh Pandey in Bangalore; Editing by Supriya Kurane) Link this Share this Digg this Email Reprints

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