* IPO prices at $12 vs $9-$11 range -underwriter
* Sells 8.4 mln ADS, raises about $100.8 mln
* To trade on NYSE on Wed under symbol “NOAH” (Adds detail on Sequoia Capital China, paragraph 6)
NEW YORK, Nov 9 (Reuters) - Noah Holdings Ltd, an independent seller of wealth management products to wealthy clients in China, raised about $100.8 million, or 20 percent more than expected, in its initial public offering, according to an underwriter.
The company sold 8.4 million American Depositary Shares for $12 each on Tuesday, above its estimated range of $9 to $11.
Noah Holdings has more than 300 relationship managers in 28 offices in some of the most developed regions of China, including the Yangtze River Delta, the Pearl River Delta and the Bohai Rim. It sells products that are not traded over exchanges, including fixed income products, private equity funds and securities investment funds.
Noah Holdings, which makes its money on commissions and recurring service fees, posted net revenue of $13.7 million in the six months ended June 30, up more than 135 percent from a year earlier. Net income attributable to ordinary shareholders increased more than 400 percent to just over $4 million in the same period.
China was ranked fourth in the world by its number of high net worth individuals in 2009, according to the Heading Report, which looks at individuals with investable assets of $1 million or more. China’s wealthy had about $5.6 trillion in assets in 2009, according to the report.
Noah Holdings’ backers include venture capital firm Sequoia Capital China.
Underwriters on the IPO were led by JPMorgan and Bank of America Merrill Lynch. The shares are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol “NOAH.” (Reporting by Clare Baldwin; Editing by Richard Chang, Gary Hill)