Chemspec International (CPC) IPO Prices at $9, Top End of Range
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Chemspec International Limited (NYSE: CPC) priced initial public offering of 8,087,000 ADSs, each of which represents 60 ordinary shares of Chemspec, at $9 per ADS, the top end of the expected $7-$9 range. Shares will start trading on the NYSE later today under the symbol "CPC."
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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