BioCentury
ARTICLE | Financial News

China Nuokang prices IPO

December 11, 2009 2:02 AM UTC

China Nuokang Bio-Pharmaceutical Inc. (NASDAQ:NKBP) raised $40.7 million through the sale of 4.5 million American Depositary Shares at $9 per ADS in an IPO underwritten by Jefferies and Oppenheimer. The deal came in below the proposed range of $10-$12 per ADS and values the company at $177.1 million, based on 157.5 million shares outstanding after the offering. Each ADS is equal to eight shares. Selling shareholders sold an additional 473,000 ADSs in the offering. China Nuokang was off $0.33 to $8.67 in its first day of trading on Thursday. ...