Corel shares fell 2 percent in midday trading. The IPO price was priced at $16 in an initial public offering.

Corel said it plans to use the IPO proceeds for acquisitions and to pay down debt. The offering was the first of the year by a software company. The 6.5 million-share IPO was worth $104 million.

Corel was taken private in August 2003 after being bought by San Francisco-based investment firm Vector Capital Corp. Vector will retain a 66 percent stake in Corel, according to a filing with the Securities and Exchange Commission.

By: DocMemory
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