China’s first initial public offering in over a year, a listing of an industrial valve maker, popped on its debut Friday.
Despite pricing its IPO on the high side of its fair value, China’s Neway Valve (Suzhou) Co., which raised 1.46 billion yuan ($241 million) in China’s first IPO since the end of a freeze last month, surged 43% on its first day of trade. It ended trade on the Shanghai Stock Exchange at 25.34 yuan a share, up from its IPO price of 17.66 yuan each, driven by pent-up investor demand for new shares.
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Amy Li, The Wall Street Journal via CHINA US Focus http://ift.tt/1eQTWlc
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