chinese-education-play-prices-22-below-initial-range

Chinese education play prices 22% below initial range

China Distance Education raises $61.25 million and becomes only the third Chinese company to complete a US IPO this year.

Anette Jönsson

July 31, 2008

China Distance Education Holdings CDEL has completed the third initial public offering in the US by a Chinese company this year, but only after it lowered its original price range by 22% at the bottom end on the last day of marketing. The final price was then set at the very bottom of the new range, allowing for a base deal size of $61.25 million.

The provider of online education and test preparation courses had initially hoped to raise up to $97.25 million, or 59% more than it was finally able to pocket. Deeming from the first trading session on the New York Stock Exchange last night though, some investors think the fair value of...

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