* IPO prices at $9 per ADS vs $10-12 range-underwriter
* Sold 5 mln ADS shares, raised about $45 mln-underwriter
* Small size hampers offer - analyst (Adds analyst comment, byline)
NEW YORK, Dec 9 (Reuters) - China Nuokang Bio-Pharmaceutical Inc priced shares in its initial public offering at a lower-than-expected $9 each on Wednesday, raising about $45 million, the issue's underwriter said.
The Shenyang, China-based company had expected the 5 million American Depositary Shares to sell for between $10 and $12 a piece.
The offering likely struggled because of its small size, said IPOdesktop.com president Francis Gaskins. He said the threshold to interest large, institutional investors is currently around $100 million.
China Nuokang develops, manufactures and sells blood- and heart-related products, including those that control bleeding and irregular heartbeats. It said it plans to use proceeds from the offering to fund research and development, expansion, and general corporate purposes.
Shareholders in the company include Anglo China Bio-technology Investment Holdings Limited, Sequoia Capital China Growth Fund and affiliated funds, Britain Ukan Technology Investment Holdings (Group) Limited and HBM BioMed China. Britain Ukan and HBM BioMed China are each selling part of their stake in the company.
The company reported revenues of 200 million yuan ($29 million) in the nine months ended September 30, up 30.3 percent from a year ago. The company reported net income of 41.64 million yuan compared with 41.72 million yuan in the year ago period. China Nuokang plans to debut on the Nasdaq under the symbol "NKBP". Underwriters for the offering, who have the option to purchase an additional 750,000 American Depositary Shares, are led by Jeffries & Co. (Editing by Lincoln Feast)