Chemspec opens strong but finishes flat on debut

The Chinese specialty chemicals producer prices its offering at the top to raise $72.8 million. Meanwhile, Duoyuan Global Water prices above the range and then gains another 30% on the first day.

Chinese specialty chemicals producer Chemspec International priced its initial public offering at the top of the indicated range for a total deal size of $72.8 million after attracting pretty strong demand primarily from US funds focusing on small-caps and China.

According to a source, the offering was about 10 times covered and attracted about 175 investors, but in light of the retraction in the secondary market over the past couple of weeks, the company together with its joint bookrunners, Citi...

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