Civitas slips after IPO prices below expectations

NEW YORK (AP) — Shares of Civitas Solutions are inching lower after the company's initial public offering priced at $198.9 million, below its expectations.

The company runs group homes and offers home-based care for the developmentally disabled under the name of The Mentor Network. The company operates in 36 states and had $1.2 billion in revenue in 2013.

The Boston company says its offering of 11.7 million shares priced at $17 a share, below its estimates of $20 to $23 per share. After expenses and discounts Civitas Solutions says it raised $182.2 million.

Shares of Civitas Solutions Inc. lost 25 cents to $16.75 Wednesday morning. The stock is trading on the New York Stock Exchange under the ticker symbol "CIVI."