Chinese companies price US IPOs below range
VisionChina and WSP Holdings receive a mediocre reception on debut, but both close above their IPO prices.
In a further sign of how tricky the US primary markets have become, VisionChina Media and WSP Holdings both priced their initial public offerings below their indicated ranges yesterday.
Sources say both offers were covered within the original ranges but the bookrunners chose to cut the price in response to feedback received during the roadshow and to accommodate a few high quality names who had indicated their interest to invest at lower levels.
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