China's Gushan Environmental raises $173 mln with IPO

NEW YORK, Dec 18 (Reuters) - Chinese biodiesel producer Gushan Environmental Energy Ltd on Tuesday raised about $173 million with an initial public offering that priced below expectations.

The 18 million offering of American depositary shares sold for $9.60 apiece, compared with a forecast range of $11.50 to $13.50, according to an underwriter.

Underwriters, led by Merrill Lynch MER.N, have the option to purchase an additional 2.7 million ADS to cover overallotments.

The company plans to list on the New York Stock Exchange under the symbol "GU." (GU.N) (Reporting by Lilla Zuill; Editing by Gary Hill)