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UPDATE 1-Exa Corp prices IPO below expected range-underwriter
June 27, 2012 / 11:34 PM / 5 years ago

UPDATE 1-Exa Corp prices IPO below expected range-underwriter

* Sells 6.25 mln shares at $10 each-underwriter

* Had expected to sell shares at $11-$13 each

June 27 (Reuters) - Exa Corp, which makes performance simulation software for vehicle makers, priced its initial public offering below its expected range, an underwriter told Reuters.

The company sold 6.25 mln shares for $10 each, raising $62.5 million in proceeds.

It had expected to sell its shares between $11 and $13 each.

Burlington, Massachusetts-based Exa is one of the first companies to go public in more than a month after concerns about Europe’s debt crisis and Facebook Inc’s botched market debut froze the U.S. IPO market.

On Wednesday, shares of EQT Midstream Partners LP rose more than 14 percent in their debut, after it priced its offering at the top of its indicated price range.

Stifel Nicolaus Weisel, Baird, Canaccord Genuity and Needham & Company managed the books for Exa’s offering.

In fiscal 2012, the company posted net income of $14.5 million on revenue of $45.9 million.

At the IPO price, the company is valued at about $132 million.

The company’s shares are expected to begin trading on the Nasdaq under the symbol “EXA” on Thursday.

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