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Article: China: Duoyuan Printing shares fall in IPO debut.
- Article from:
- TendersInfo
- Article date:
- November 7, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: pinto03
Shares of Chinese printing equipment supplier Duoyuan Printing Inc. fell Friday after its initial public offering raised $63 million, pricing at the bottom of its expected range.
In a filing with the Securities and Exchange Commission earlier in the week, Duoyuan said it had expected to sell 6.5 million shares for $8.50 to $10.50 each.
The Beijing-based company raised net proceeds of $42.3 million, and intends to spend it building a factory, upgrading existing manufacturing facilities and for general corporate purposes. Existing stockholders sold 955,918 common shares, which didn't directly benefit Duoyuan.
Duoyuan ...