Convio prices IPO below expected range (AP)

NEW YORK – Convio Inc., whose code and services support noncommercial organizations improve money, priced its initial open substance weekday at $9 per share, which was beneath expectations.

The Austin consort oversubscribed 3.8 meg shares and shareholders oversubscribed added 1.3 million, upbringing a amount of $46.2 million.

Shares had been due to toll from $10 to $12 each.

Underwriters led by saint Weisel and Piper Jaffray crapper acquire most 770,000 shares at the initial organisation price, if needed, to counterbalance brawny obligation for the commercialism shares.

Convio said gain proceeds after expenses were most $29.2 million.

The shares are due to begin trading on the Nasdaq Global Market weekday low the symbolisation “CNVO.”