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UPDATE 1-China Kanghui prices $68.4 mln IPO within range
August 11, 2010 / 12:19 AM / 7 years ago

UPDATE 1-China Kanghui prices $68.4 mln IPO within range

* Prices at $10.25 vs $9.25-$11.25/ADS range

* Company sells 5.34 mln shrs, shareholders sell 1.34 mln

* Listing on NYSE on Wednesday under symbol “KH”

NEW YORK, Aug 10 (Reuters) - China Kanghui Holdings KH.N, which makes and sells orthopedic implants, said on Tuesday that it priced a $68.4 million initial public offering within the expected range.

The company said the offering included 6.675 million American Depositary Shares that priced at $10.25 each, the midpoint of the expected $9.25 to $11.25 range.

China Kanghui said it offered 5.34 million ADSs, while selling shareholders offered 1.335 million. Each ADS represented six ordinary shares. The offering may grow by 1,001,250 ADSs to meet demand.

Based in the eastern Chinese city of Changzhou, China Kanghui sells equipment including nails, plates, meshes and screws used to treat bone fractures and for spinal surgery.

It is a leading seller of implants in China, and has been targeting markets in fast-growing cities in Brazil, Colombia, India, and Russia.

Net revenue grew 29.6 percent to 48.8 million yuan ($7.2 million) in the first three months of 2010.

The company’s net loss widened 24.9 percent to 7.4 million yuan in the same period.

Morgan Stanley and Piper Jaffray arranged the offering. The shares are expected to begin trading on the New York Stock Exchange on Wednesday under the symbol “KH.” (Reporting by Clare Baldwin, Liana B. Baker and Jonathan Stempel)

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