Corel, which markets affordable and easy-to-use productivity and graphics/digital imaging software, priced its IPO of 6.5 million shares at $16, the low end of its revised $16 to $18 price range, on Tuesday night. The offering range was reduced from $18 to $20 earlier in the day and the shares sold were also cut from 8 million, reflecting a reduction of 1.5 million shares offered by private equity investor Vector Capital. Morgan Stanley and JP Morgan were the lead underwriters on the deal. The stock is expected to begin trading on the NASDAQ under the ticker CREL on Wednesday.
