Mitel Shares Fall in First Day of Trading After Initial Public Offering

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