Shanda survives market turmoil (just)

Online gaming company keeps Chinese IPO market alive by re-pricing deal.

Shanda Interactive Media went ahead with a scaled down IPO after New York's close on Wednesday May 12, pricing a 13.9 million ADS deal at $11 per unit pre shoe. With Goldman Sachs as lead manager, the company had originally intended to issue 17.5 million ADS units pre shoe on a range of $13 to $15. However, Monday's mini-meltdown sounded the final death knell to ambitions that had already been battered by the performance of comparable stocks, which had fallen 25% to 28% during the course of roadshows.

Observers say a deal would still just about been possible at the very bottom of the original price range even after Monday's...

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