April 22 (Bloomberg) -- Mitel Networks Corp., the Canadian telecommunications equipment maker, fell on the first day of trading after cutting the price of its initial public offering.
The shares traded at $12.35 at 11:49 a.m. on Nasdaq, down 12 percent from the IPO price of $14. Mitel raised $147 million in the sale, and had expected to sell shares at $18 to $20 each, according to its prospectus.
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