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Duoyuan Printing shares fall in debut

Fri Nov 6, 2009 10:14am EST

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PHILADELPHIA, Nov 6 (Reuters) - Shares of printing-equipment maker Duoyuan Printing Inc (DYP.N) fell in their market debut on Friday after pricing at the low end of expectations.

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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) (For more M&A news and our DealZone blog, go to here)

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