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Mitel Networks Declines on First Day of Trading on Nasdaq

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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.

To contact the reporter on this story: Matt Walcoff in Toronto at Mwalcoff1@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net

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