Fabrinet Shares Rise in NYSE Debut

(Reuters) – Shares in precision manufacturer Fabrinet (FN.N) closed 7.5 percent above their initial public offering price in their market debut on Friday.

The shares closed at $10.75 after rising as high as $10.95 in their debut on the New York Stock Exchange.

Cayman Islands-based Fabrinet, which has facilities in China, Thailand and the United States makes parts of optical communication systems, as well as industrial lasers and sensors. On Thursday it sold 8.5 million shares for $10 each raising about $85 million.

It had planned to sell shares for $12 to $14 each.

Fabrinet posted net income of $13.5 million on revenue of $136.9 million for the quarter ended March 26.

Underwriters were led by Morgan Stanley and Deutsche Bank Securities. (Reporting by Clare Baldwin; Editing by Derek Caney, Leslie Gevirtz)