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Molycorp raised $394 million in its IPO, selling 28.125 million shares with Morgan Stanley and JP Morgan serving as co-lead underwriters. The provider of earth mining operations had priced shares at only $14 per share, below its expected $15 to $17 price range. Molycorp is now listed on the NYSE under the symbol MCP and closed on its first trading day down at $12.85. The company was acquired by Resource Capital Funds, Pegasus Capital Advisors, GS Capital Partners and Traxys in a 2008 buyout.
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