ServiceMaster Global Holdings Inc. (NYSE: SERV) sold 35.9 million shares of common stock Thursday morning at an initial public offering price of $17, below the proposed range of $18 to $21. Gross proceeds from the offering totaled about $610 million. The company’s market cap at the IPO price is around $2.17 billion.

ServiceMaster owns or franchises more than 7,000 residential and commercial services locations that provide disaster restoration, home inspections and termite and pest control services, among other things. All shares in this IPO were sold by the company. The underwriters have a 30-day option on an additional 5.39 million shares.

The company was taken private in 2007 for $4.7 billion by a group of private equity funds lead by Clayton, Dubilier & Rice. The proceeds from the IPO will be used to pay down debt.

The company reported $2.29 billion in revenues for the year ended in December 2013 and $450 million in adjusted EBITDA. ServiceMaster’s Terminix termite and pest control business accounts for 57% of revenues and 54% of adjusted EBITDA. Terminix holds 20% of the U.S. market for termite and pest control.

ServiceMaster shares opened at $17.45 and were up about 3.4% in the late morning at $17.57. Nearly 10 million shares had traded so far. The stock’s high was $17.63.

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