It wasn’t a brilliant start for Motricity (MOTR) in its first day of U.S. trading Friday. The mobile-phone data services provider, based in Bellevue, Wash., kicked off its IPO with a price of $10 on the Nasdaq, but declined to $9.26 by the end of the day.
Motricity sold 5 million shares at between $10 and $11, but was originally shooting for a range of $14-$16.
While U.S.-based, Motricity serves customers in Europe and in Asia, including the Netherlands, the U.K., India and Singapore.
The company offers mobile-data services like Internet access to customers of wireless companies, including some of the industry’s biggest – AT&T, Sprint, Verizon Wireless and T-Mobile USA. Motricity allows access to 30 million applications and third-party content via 2,000 different models of cell phones.
Motricity wants the money it makes from its IPO to pay for acquisitions and investments. The company actually saw revenue go up during the global econonic downturn; however, it has yet to turn a profit.