Strong demand pushed shares in 21Vianet 25% higher on their trading debut, even after the Chinese internet data service provider fixed the offering price higher than the initial top end of the range.
The stock ended its first day of trading on Nasdaq last Thursday US time at $18.80, up from its IPO price of $15, which was already higher than its proposed range. The company raised 40% more than it originally planned, helped by pent-up demand for shares in China’s internet industry.
Renren, a Chinese Facebook clone currently in the market for a $584 million US IPO, is also finding good demand. Indeed, it attracted...
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