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.
