Byline: Donna Block
Subprime mortgage lender Accredited Home Lenders Holding Co. saw its initial public offering fall quickly after it made its debut Friday, Feb. 14.
The 9.65 million shares of the San Diego-based company quickly lost their mettle. Trading on Nasdaq under the symbol LEND, shares opened at $8 and promptly fell as much as 9% to $7.27 before bouncing back to $7.45, a 7% loss. The stock closed the day at $7.25, down 9.38%.
Showing just how tough the equity markets have become for new players, underwriter Friedman, Billings, Ramsey & Co. priced the IPO at the bottom of the $8 to $10 per share price range. Accredited originally planned …