China Zaino falls 16 pct in Singapore market debut

SINGAPORE, April 18 (Reuters) - Shares of Singapore-listed Chinese backpack maker China Zaino International (CNZN.SI) opened 16 percent lower at S$0.505 on its market debut on Friday.

The firm, which over 3,000 outlets in China, offered shares to investors at S$0.60 each and plans to use most of the S$80.5 million ($59.67 million) proceeds to expand the firm.

Stirling Coleman is the underwriter and placement agent for the share offer.

DBS Bank and Stirling Coleman are joint issue managers for China Zaino's Singapore listing. (Reporting by Tan Wei Xin; Editing by Jan Dahinten)