The company, formerly known as Park 'N View, offered 3.75 million shares at $17 per share, the top of its estimated price range. The stock opened at $18 but had dropped to $15 - 1/2 by the end of the day.
Why the lukewarm reception? PNV provides Web access, cable TV, and long distance telephone service to truckers through some 240 truckstops across the U.S. Most analysts expect it to do very well but said its success could attract some of the big Internet service providers, such as AOL, which could easily step in and take away the business. Thus investors are more cautious.
The company will have about 15.7 million share outstanding after the initial public offering.