chemspec-opens-strong-but-finishes-flat-on-debut

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 and Credit Suisse, decided not to make use of the opportunity to price above the pre-set range. While there were some indications that investors in Asia would be willing to pay slightly more, there was...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222