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NEW YORK (AP) — Shares of basmati rice seller Amira are rising in their first day of trading Wednesday on the New York Stock Exchange after the company raised $90 million in an initial public stock offering.
Amira Nature Foods Ltd., which is based in the United Arab Emirates, sells packaged rice grown in India in more than 40 countries.
The company sold 9 million shares at $10 each, below the projected range of $13 to $15 per share. That suggested weak demand for the company's stock amid volatile financial markets.
The banks managing the IPO may buy another 1.4 million shares if there's demand for the stock.
Trading under the "ANFI" ticker symbol, shares added 18 cents to $10.18.