Specialty retailer Golfsmith prices below range

On Wednesday night, Golfsmith International, a leading specialty retailer of golf equipment, apparel and accessories with 55 stores, priced its initial public offering of 6 million shares at $11.50. The pricing came at a 23% discount to the midpoint of its proposed $14 to $16 price range. Merrill Lynch and JP Morgan were the lead underwriters on the deal. The stock is expected to begin trading Thursday on the NASDAQ under the ticker GOLF.