spreadtrum-prices-ipo-above-the-range

Spreadtrum prices IPO above the range

The Chinese designer of semiconductors for mobile phones attracts stong demand for its slightly upsized offering and trades up in the aftermarket.
Spreadtrum Communications, a Chinese designer of semiconductors for mobile phones, has priced its initial public offering in the US above the top end of the indicated range for a total deal size of $126 million following strong demand from investors during the bookbuilding.

To meet the interest, joint bookrunners Lehman Brothers and Morgan Stanley attempted to convince the companyÆs existing shareholders to sell more shares than initially planned, but found that they preferred to hang on to their holdings as they believe the company has strong upside potential. And deeming from the trading debut last night, it seems they are right û at least in the short-term.

The stock finished 13.9% above the IPO price,...
¬ Haymarket Media Limited. All rights reserved.

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