Shares of printing-equipment maker Duoyuan Printing Inc fell in their market debut on Friday after pricing at the low end of expectations.
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)