Tags: US | China | Electric | Motor | IPO | Pricing

China Electric Motor Prices IPO at Bottom of Range

Friday, 29 Jan 2010 09:22 AM

China Electric Motor Inc. said Friday it raised $22.5 million after pricing shares at the bottom of its expected range — $2.50 per share less than it had originally hoped to ask.

The Chinese maker of parts for household appliances, autos and consumer devices said it sold 5 million shares for $4.50 apiece. According to a regulatory filing in December, it had hoped to fetch $6 to $7 a share. The asking price was cut twice during a weak two months for the initial public offering market.

On Wednesday night, China Electric Motor also replaced one of its underwriters, Rodman & Renshaw, with Roth Capital Partners. It kept Westpark Capital on board.

There were 7 IPOs expected to debut this week. At least two postponed their debuts, two are trading below their sale prices and two cut the size of their offerings.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 
1Like our page
2Share
Markets
China Electric Motor Inc. said Friday it raised $22.5 million after pricing shares at the bottom of its expected range $2.50 per share less than it had originally hoped to ask.The Chinese maker of parts for household appliances, autos and consumer devices said it sold 5...
US,China,Electric,Motor,IPO,Pricing
141
2010-22-29
Friday, 29 Jan 2010 09:22 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved