Globe Specialty IPO price for $7, within range

Globe Specialty Metals Inc shares priced for $7 in the silicon metal producer's initial public offering, within the estimate range.

Globe Specialty Metals, whose shares are set to begin trading on on Thursday on Nasdaq under the symbol GSM had estimated shares would price between $7 and $9.

The company sold 14 million shares, 60 percent of which are held by existing shareholders, raising $98 million in a deal underwritten by Credit Suisse, Jefferies and JPMorgan.

The underwriters have an option to purchase a maximum of 2.1 million shares to cover over allotments. (Reporting by Anupreeta Das, editing by Leslie Gevirtz)