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Consumer Products Biz Mohawk Disappoints With $36M IPO

Law360 (June 12, 2019, 5:20 PM EDT) -- The Mohawk Group, an artificial intelligence-oriented consumer products company, made its market debut Wednesday with shares priced well below the low end of its range in a $36 million initial public offering steered by Paul Hastings.

Private equity-backed Mohawk Group Holdings Inc.'s offering consists of 3.6 million shares at $10 apiece, surpassing an initially anticipated 3.3 million offer but missing its target of $14 to $16 per share. Taking into account the 540,000 additional shares the underwriters have an option to buy, Mohawk's IPO could raise as much as $41.4 million.

Headquartered in New York, Mohawk is a provider of consumer products, including...

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