Lackluster debut for shares of CD&R-backed ServiceMaster

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Target: ServiceMaster Global Holdings Inc

Valuation: $2.25 billion

Sponsor: Clayton, Dubilier & Rice

Financial Advisers: JPMorgan, Credit Suisse, Goldman Sachs & Co, Morgan Stanley

The company’s IPO raised about $610.3 million after its offering was priced at $17, slightly below its expected price range of $18-$21 per share. ServiceMaster, controlled by private equity firm Clayton, Dubilier & Rice, sold 35.9 million shares in the offering.

Shares opened at $17.45 and touched a high of $17.62.

ServiceMaster’s other brands include ServiceMaster Clean, Merry Maids cleaning service and Furniture Medic, among others.

JPMorgan, Credit Suisse, Goldman Sachs & Co and Morgan Stanley are among the underwriters for the offering.

Avik Das is a correspondent for Reuters in Bangalore.