Jan 19 (Reuters) - Shares of ADT Inc fell 10 percent in their market debut, giving the home security products maker a valuation of $9.56 billion.
Its offering of 105 million shares was priced at $14 apiece, below the expected $17 to $19 range, and raised $1.47 billion.
Despite the lower valuation, Boca Raton, Florida-based ADT's listing is likely among the biggest in the initial weeks of 2018.
ADT's shares opened at $12.65 on the New York Stock Exchange and hit a low of $12.50 in early trading.
ADT makes security devices including surveillance cameras and burglar alarms, besides automation products such as digital door locks and thermostats.
With some 15 million alarms sold annually, the company is the biggest home monitored security company in North America.
Still, it faces growing competition from smartphone apps and personal devices that help with monitoring.
ADT is backed by private equity firm Apollo Global Management LLC, which would own about 85 percent of ADT common stock following the offering.
Morgan Stanley, Goldman Sachs, Barclays, Deutsche Bank and RBC were among the top underwriters to the offering. (Reporting by Nikhil Subba in Bengaluru; editing by Sai Sachin Ravikumar)