Tags: US | Kingtone | IPO | Mover

Kingtone Wirelessinfo Shares Fall in IPO Debut

Friday, 14 May 2010 01:38 PM

Shares of Chinese software company Kingtone Wirelessinfo Solution Holding Ltd. fell in their trading debut.

The Chinese company priced 4 million American depository shares at $4 apiece, the bottom of its expected range of $4 to $6. In afternoon trading, the stock fell 12 cents to $3.88.

Kingtone had said in a regulatory filing on May 5 that it planned to sell 4.6 million American depository shares for $6 to $7.

Elsewhere, broader markets are lower on concerns about the negative impact of the nearly $1 trillion emergency aid package on economic growth in Europe and ongoing debt woes in countries such as Greece and Portugal.

Kingtone shares traded on the Nasdaq Capital Market under the ticker symbol "KONE."

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