Amid investor uncertainty about the subprime auto business, Long Beach Financial Corp. went public this week at just over half of its originally expected share price.

About 22 million shares of the subprime home lender were offered Tuesday at $6.50 each. The company had been expected to price shares for its initial public offering at $10 to $12.

Friedman, Billings, Ramsey & Co. underwrote the deal. The underwriters have an option to purchase 3.25 million shares to cover overallotments. Long Beach Financial was formed when Long Beach Mortgage spun off its broker-sourced mortgage business.

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