NEW YORK, June 23 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.
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)