Clayton Prices IPO

Clayton Holdings has announced the sale of $127.5 million of stock through an initial public offering.The 7.5 million shares sold at $17 per share, at the high end of a projected range of $15-$17 per share. Clayton, based in Shelton, Conn., provides services to the mortgage-backed securities market. Clayton said it will use the funds raised in the IPO to pay down debt and redeem preferred shares. TA Associates, a private equity fund, retains a 45.7% stake in Clayton after the IPO. The offering was made through an underwriting syndicate led by William Blair & Co. as sole book-running manager and Piper Jaffray & Co. as co-lead manager.