NEW YORK (AP) — Shares of investment manager Manning & Napier are up slightly after raising $150 million in an initial public offering.

The company had sold 12.5 million shares for $12 each, below the expected range of $15 to $17 per share..

The shares are up at $12.08 Friday soon after opening on the New York Stock Exchange under the ticker symbol “MN.”

Manning & Napier Inc. was founded in 1970, and has 450 employees. The Fairport, N.Y., company’s investment products include managed accounts, mutual funds and trust funds.

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