Novatel Wireless yesterday launched its IPO in a fickle market, pricing shares lower than it had hoped and earning $56 million - 25 percent below its expectations. The San Diego company, which develops modems for both fixed and mobile wireless systems, opened the sale at $8.38 per share, well under original estimates of $10 to $12 each.

Currently Novatel is developing products for the Ricochet, GPRS and CDMA wireless technologies. Novatel's biggest client is OmniSky Corp., which offers wireless Internet services to end users. The newly public company will trade under the symbol NVTL. Today, Novatel's shares traded at $8 1/8 as of 11:45 a.m. EST.