Strong IPO demand for 3SBio, but shares fall on debut
The decline comes after the Chinese bio-pharmaceutical firm prices its IPO above the range. Fellow Nasdaq newcomer JA Solar trades up.
Chinaûbased 3SBio IncÆs initial public offering in the US has met with overwhelming investor support, allowing the price to be fixed 14.3% above the top end of the indicated price range.
The bio-pharmaceutical company, which sells its products across China as well as to selected developing countries, raised $123.2 million ahead of its Nasdaq trading debut yesterday, tapping into the strong demand for healthcare investments by US funds in particular.
UBS was sole bookrunner for the offering, while CIBC World...
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