Chemspec ADRs up nearly 11 percent in debut
Chemspec International Ltd shares rose nearly 11 percent in their debut trading session on Wednesday following the Chinese specialty chemical maker's initial public offering.
Chemspec ADRs started trading at $9.45, at a 5 percent premium, and later were up 10.9 percent at $9.98 on the New York Stock Exchange.
Chemspec raised $72.7 million in its IPO Tuesday night after pricing the deal at $9 per American Depositary Receipt, the top of its estimated range.
Chemspec, which sold 8.08 million ADRs, was the eighth company to go public on a U.S. exchange in 2009.
Another Chinese company, water treatment equipment supplier Duoyuan Global Water Inc, priced its IPO at $16 per ADR on Wednesday, raising $88 million. The stock is set to begin trading on Wednesday on the New York Stock Exchange.
(Reporting by Phil Wahba; Editing by Lisa Von Ahn)
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