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With Pillsbury Madison & Sutro on its side, Sunnyvale, Calif.’s Alliance Fiber Optic Products Inc. launched its stock onto the market in a less-than-stellar initial public offering during an unforgiving Thanksgiving week on the Nasdaq for IPOs. Of the four companies that made their Nasdaq premieres in the shortened holiday week, all have watched their stock trade below its initial pricing. Still, Alliance Fiber Optic raised $49.5 million through its offer of 4.5 million shares which were priced at the bottom of its $11-$13 range. Alliance Fiber Optic originally filed to go public in early September and set its range and intent to offer more than 7 million shares by mid-October. But by Nov. 13, the company cut the amount of stock it planned to sell down to 5.175 million shares. Just one week later, the company trimmed its offering down to 4.5 million shares and set the pricing at $11 a share, according to filings with the Securities and Exchange Commission. Although shares of Alliance Fiber Optic initially peaked at $11.375, the company hasn’t fared as well since, closing at $8.625 on Nov. 27 or 21.6 percent below its IPO pricing. Going by Alliance Fiber Optic’s recent stock value, the 40,000 shares owned by attorneys and a venture fund affiliated with Pillsbury are currently worth an estimated $345,000. The company also doled out $550,000 in legal fees and expenses to Pillsbury, according to SEC filings. In Pillsbury’s Palo Alto, Calif., office, partner Gabriella Lombardi worked alongside associates Mary Helvey, P. Christine Lillquist, Noelle Aaron, Christopher Sprague and Shawn Silk in corporate securities. Partner Paul Pringle and associate Garry Schnell in the San Francisco, Calif., office of Brown & Wood represented the underwriters on the deal.

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