RailAmerica (RA), an owner/operator of short line freight railroads in North America, raised $330 million by offering 22 million shares at $15, which was 12% below the midpoint of its proposed $16-$18 range. The company offered 1 million more shares than expected, all of which came from private equity-backer Fortress Investment Group. RailAmerica opened for trading on the NYSE down over -4% from its IPO price, but has since edged slightly higher. J.P. Morgan, Citi, and Deutsche Bank acted as lead managers on the deal.