UPDATE 1-China's Chemspec raises $73 mln in ADR offering

Tue Jun 23, 2009 10:39pm EDT

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NEW YORK, June 23 (Reuters) - Chinese chemicals company Chemspec International Ltd CPC.N raised $72.7 million in its initial public offering on Tuesday after pricing its U.S. shares at $9 each, at the top end of its estimated price range, one of the underwriters said.

Chemspec, a Shanghai-based maker of fluorinated speciality chemicals, had estimated its American Depositary Receipts (ADRs) would be priced between $7 and $9.

Chinese firms appear poised to return to the U.S. capital markets after a nearly one-year absence, potentially signaling a renewed appetite among investors for riskier stocks. [ID:nN21354979]

Chemspec sold 8.1 million ADRs, of which 22 percent were held by existing shareholders.

The underwriters, led by Credit Suisse (CSGN.VX) and Citi (C.N) , have the option to purchase another 1.2 million ADRs.

(Reporting by Phil Wahba)