QuinStreet (NSDQ: QNST), the online media and marketing holding company, debuted on Nasdaq this morning, and fell flat in more ways than one: firstly it wanted to issue 10 million shares at $17-$19, but was only able to price at $15. And then through the day, the price only rose up to $15.50 and then fell at closing back to $15. The offering, which raised about $140 million for the company, was managed by Credit Suisse, BofA Merrill Lynch and JPMorgan. At one point the company had hopes of raising as much as $250 million, but cut the amount down to $165 million by late last month and now the final amount came even lower.
This was Bay Area’s first IPO this year — QuinStreet is based in Forster City, CA — and was also gained some buzz because the once-almost-disgraced tech banker and financier Frank Quattrone, through his Qatalyst Partners, was QuinStreet’s financial adviser and marked his return to the IPO market. Some more info on the company’s debut, and possible reasons why the reception was lukewarm, in this SmartMoney story.