UPDATE 1-Camelot prices at bottom of range-source
* Prices at $11/ADS vs $11-$13 range-source
* Sells 13.33 mln ADS, raises about $146.67 mln-source
NEW YORK, July 20 (Reuters) - Beijing-based Camelot Information Systems Inc (CIS.N), which sells business software and IT services in China, Taiwan and Japan, priced shares in its initial public offering at the bottom of the expected range on Tuesday, according to a market source.
The company sold 13.33 million American depositary shares for $11 each, raising about $146.67 million. It had planned to sell shares for $11 to $13 each.
Camelot's customers include International Business Machines Corp (IBM.N), Accenture Plc (ACN.N), and Hewlett-Packard Co (HPQ.N). It said it would use proceeds from the offering for working capital and general corporate purposes as well as for possible acquisitions.
Husband and wife founders, Chief Executive Officer Yiming Ma and Chief Operating Officer Heidi Chou, are Camelot's biggest shareholders, and own a combined 31.1 percent of the company. They were not planning to sell any shares according to the most recent prospectus.
Citigroup Venture Capital International, which owns 29.5 percent of the company, was planning to sell 16.08 million of its 44.06 million shares, according to the filing.
Camelot's net revenue and income have increased sequentially over the past three years. Net revenue grew 72.1 percent from a year earlier to $35.31 million in the three months ended March 31. Net income due to the company grew 62.2 percent to $1.03 million.
Underwriters on the IPO were led by Goldman Sachs Asia and Barclays Capital. The shares are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol "CIS." (Reporting by Clare Baldwin; Editing by Tim Dobbyn)
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