RigNet IPO Flat In Debut

Houston-based RigNet, which provides communications systems to the oil and gas industry, stalled out in its IPO Wednesday, closing at $12.55 for the day. The firm debuted at $12 a share, selling 5 million shares in its IPO offering. The pricing was below an earlier estimated range of $14 to $16. Rignet is trading on the Nasdaq Global Market as RNET. Rignet's major shareholders before the IPO were Energy Growth AS, Altira Group LLC, and Sanders Morris Harris Group, Inc.