Concord Medical prices IPO near top, but falls on debut

The operator of cancer treatment centres avoids the fate of two other Chinese listing candidates which were forced to re-price or pull their US IPOs, but the stock still slumps 13.6% on the first day of trading.

Concord Medical was able to price its US initial public offering in the upper half of the offering range, after sources said the deal was multiple times covered across the range, albeit with some price sensitivity. This allowed it to raise $132 million in a week when two other companies were forced to price below their initial price ranges and a fellow Chinese listing candidate pulled its US IPO altogether.

But Concord, which was brought to market by China International...

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