Home automation company Control4 shares make trading debut
Shares of Control4 Corp., a Salt Lake City-based company that provides home automation systems, made their trading debut on the Nasdaq stock market Friday morning.
The company, which was founded in 2003 and has automated more than 120,000 homes since then, sold 4 million shares of its stock for $16 each, raising $64 million.
At the close of trading Friday, the company’s shares were $20.05, up $4.05 (25.31 percent) per share for the day.
In midday trading, the company’s shares were up $3.40 over their initial offering price, or 21.25 percent.
"This is one important day of many more to come," said Martin Plaehn, Control4’s president and chief executive. "There are tens of millions of families that can benefit from our technology and our goal is to connect the devices in those homes so they can all work together and improve people’s lives."
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