German smart meter maker Elster Group priced shares in its initial public offering below the expected range yesterday, according to an underwriter. The company sold 16.2m American Depositary Shares for $13 each, raising about $210.6m. It had filed to sell shares for $16 to $18 each. The company never officially cut the price range but an underwriter said that investor demand was below-range. Elster sells meters and software to measure gas, electric and water consumption. It said in its prospectus that it has installed more than 200m meters over the past 10 years. Elster plans to use the proceeds to repay debt.