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Townsquare Media Prices IPO at $11

Broadcaster expects offering to close July 29

Townsquare Media stock began trading today on the New York Exchange under the “TSQ” symbol.

The broadcaster priced an initial public offering of 8,333,333 shares of Class A common stock at $11 a share.

As of press time its shares had fallen by as much as 7% in their debut, reports Reuters. According to Renaissance Capital, the IPO is planned to raise $92 million.

Townsquare, which used to be Regent Communications, owns 312 radio stations, companion websites, digital and social platforms and organizes live music events.

The company has granted the underwriters a 30-day option to purchase up to an additional 1,250,000 shares at the initial public offering price less the underwriting discounts and commissions, to cover over-allotments, if any. The broadcaster expects the offering to close on July 29, subject to customary closing conditions.