Chemspec International (CPC) IPO Trades Higher
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The IPO for Chemspec International Limited (NYSE: CPC) is open for trading. The stock is trading at $9.80 after pricing 8,087,000 ADSs at $9 per ADS, the top end of the expected $7-$9 range.
Chemspec is offering 6,328,000 ADSs and the selling shareholders are offering 1,759,000 ADSs in the offering. The underwriters have a 30-day option to purchase up to an additional 97,000 ADSs from Chemspec and 1,116,000 ADSs from the selling shareholders to cover over-allotments.
Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. are the Joint Bookrunners of the offering. Oppenheimer & Co. Inc. and Piper Jaffray & Co. are also underwriters of the offering.
Chemspec is a leading China-based contract manufacturer of highly engineered specialty chemicals and the largest manufacturer of fluorinated specialty chemicals in China based on sales.
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more info on CPC
IPOinvestor on Jun 24, 2009 04:25 PMhttp://www.renaissancecapital.com/IPOHome/IPOProfile.aspx?ticker=CPC