(AP) NEW YORK — Intermolecular Inc., which helps makers of chips, glass and solar panels with research and design, said it has priced its initial public offering at $10 per share, below the expected range, and expects the shares to start trading Friday.

The San Jose, Calif.-based company and its shareholders are selling 9.65 million shares, putting the value of the IPO at $96.5 million.

The company had expected to price the shares at $12 to $14.

Underwriters include Morgan Stanley & Co., J.P. Morgan Securities and Barclays Capital and have the option to buy up to an additional 1.4 million shares in case of excess demand.

The company was founded in 2004. In the first nine months of this year, it lost $4.5 million, compared with a loss of $2.9 million in the same period last year. Revenue was $38.7 million, up 36 percent from $28.5 million last year.

The shares are set to start trading on Nasdaq under the symbol “IMI.”

via Intermolecular IPO prices below expected range – CBS News.