Mediaboss Marketing

NEW YORK (AP) -- Shares of Home Loan Servicing Solutions Ltd. dipped in their trading debut Wednesday after the stock's initial public offering priced at the low end of its anticipated range.

The Cayman Islands company set its IPO of approximately 13.3 million ordinary shares at $14 apiece. Home Loan Servicing had said it in a regulatory filing with the Securities and Exchange Commission that it expected to price the IPO between $14 and $16 per share.

In morning trading, the stock lost 40 cents, or 2.9 percent, to $13.60, with nearly 3 million shares changing hands early in the session.

Home Loan Servicing said it will also issue and sell an additional $10 million of its stock to founder and Chairman William Erbey at the IPO price in a concurrent private placement.

The company plans to use the offering's net proceeds to buy the right to receive servicing and other related fees, associated servicing advances and other related assets from Ocwen Loan Servicing LLC.

Erbey serves as Ocwen Financial Corp.'s chairman, according to the filing. Ocwen Loan Servicing is an Ocwen Financial subsidiary.

Home Loan Servicing is giving the underwriters a 30-day option to buy up to an additional 2 million ordinary shares to cover any excess demand.

Home Loan Servicing is trading on the Nasdaq Stock Exchange under the "HLSS" ticker symbol.

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Home Loan Servicing Solutions shares dip in debut