Shanda survives market turmoil (just)

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.