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Radio Station Operator Townsquare Media Shares Fall In Market Debut

Shares of radio station operator Townsquare Media LLC fell as much as 7 percent in their market debut, valuing the company at about $172 million.

The initial public offering for the Greenwich-based company raised about $91.3 million, after its offering of 8.3 million Class A shares was priced at $11, below its expected price range of $14 to $16.

Townsquare, whose largest market is New Jersey, operates radio stations, digital and social platforms, and organizes live events.

The company operates websites such as,, and It provides digital advertising services to music-focused websites such as, and

Townsquare, earlier known as Regent Communications Inc, emerged from bankruptcy protection in 2010.

Townsquare's shares opened at $10.74 and touched a low of $10.22 on the New York Stock Exchange.

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