This latest blow to the IPO market, which dried up during the financial crisis, is dashing hopes of a swiftly recovering market.
Kraton, which makes polymers for a wide range of products, sold 10.3 million common shares for $13.50 each. The company had hoped for them to price between $16 and $18.
Shares of Kraton were up 2 cents to $13.52 in midday trading.
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