Duoyuan Printing shares fall in debut

Shares of Duoyuan Printing, based in Beijing, shed 45 cents, or 5.3 percent, to $8.05 in morning trading. The IPO priced at $8.50 a share, which was at the low end of the expected range of $8.50 to $10.50 a share.

The company expects to use the proceeds of $42.3 million to build a factory, upgrade existing manufacturing facilities and fund general corporate purposes, including potential acquisitions, according to the prospectus filed with the U.S. Securities and Exchange Commission.

Duoyuan, a leading offset printing equipment supplier in China, said it sold 5.5 million shares in the IPO, while selling shareholders selling offered an additional 955,918 shares.

Piper Jaffray & Co acted as the sole book-running manager for the offering, and Roth Capital Partners LLC acted as the co-manager for the offering.

(Reporting by Jessica Hall, editing by Gerald E. McCormick)