Sensata Trades Up in its First Day

In its initial public offering, Sensata Technologies (NYSE: ST) priced within its range at $18 per share, selling a total of 31.6 million shares for $569 million. The stock closed out its first day of trading with a modest 2.77% increase to $18.50 per share. Sensata's private equity backer Bain Capital sold 4.9 million shares for $88.2 million. The $436.3 million raised by Sensata in the offering is being used to repay $350 million of outstanding debt, make a $22.1 million payment to Bain and for general corporate purposes.