Ninetowns debuts on Nasdaq

Well-covered books helps rise in early trading.

Chinese business software company Ninetowns Digital World Trade Holdings priced a 9.6 million unit Nasdaq IPO on Thursday evening and saw the $105.6 million deal trade up 13% in early trading Friday.

With JPMorgan as lead manager, the group priced the deal at $11, midway through the $10 to $12 price range Some 6.4 million ADSs represent the sale of new shares, while 3.2 million ADSs represent selling shareholders.

Only one book, representing both institutional and retail investors, was run. It was six to seven times oversubscribed, according to one fund manager, with 10% going to retails investors, primarily high net worth individuals, and...

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