The Honolulu-based maker of fuel-cell membrane sold 3.5 million shares at $6 a share this morning in the IPO, below both its original price range of $11 to $13 and a revised range of $8 to $9.

Underwriters also cut the number of shares offered by the company to 3.5 million shares from 4.2 million, according to an amended filing with the Securities and Exchange Commission.

Hoku Scientific intends to use net proceeds from the IPO to build a combined office, research and development and manufacturing facility, to continue product research and development and for working capital and other general corporate purposes.

Piper Jaffray, SG Cowen & Co. and Thomas Weisel Partners LLC were listed as underwriters for the offering. The underwriters also have an option to purchase up to 525,000 additional shares to meet demand.

For the fiscal year ended March 31, Hoku Scientific posted a net loss of $728,000, compared with a net loss of $2.87 million for fiscal 2004.

Designer Saiki opens retail store at Dole Cannery

Designer Shari Saiki has opened a furniture and accessory store in the Shops at Dole Cannery.

The store, called mesh by Shari Saiki, is the first retail outlet for Saiki, who specializes in residential and commercial development design in new construction and renovation projects.

"Over the past several years I received numerous calls from people who had seen my work in model homes I designed for such client's as Stanford Carr and Castle & Cooke, asking where specific furnishings could be purchased," Saiki said. "At the urging of my clients and others who wanted to purchase pieces that exhibited my design taste, we finally set our sights on opening a retail outlet."

Victoria Ward Centers sponsors shopping fund-raiser

Victoria Ward Centers is offering local charities a chance to raise money for their causes this holiday season by selling tickets to a special three-day sales event.

Nonprofits are invited to sell tickets to the event at $10, with the nonprofit keeping all of the ticket proceeds. The tickets give shoppers exclusive discounts and special offers with participating merchants throughout Victoria Ward Centers from Nov. 11-13.

The event, called "Real Simple's Festival of Giving" is being sponsored by various General Growth Properties malls across the country. Victoria Ward Centers is owned and managed by General Growth Properties, a real estate investment trust that has 209 regional shopping malls in 44 states.