Following the first-day surge for China’s Youku.com and E-Commerce China Dangdang in US trading last week, another Chinese company delivered a strong debut on the New York Stock Exchange overnight. IT services provider iSoftStone Holdings was up as much as 45% shortly after opening and finished the Tuesday session 27.8% higher.
The gains came after the Beijing-based company raised $140.8 million in an initial public offering that was priced at $13 per share. The final price was set at the top of the $11 to $13 marketing range.
Sources said the offering was multiple times subscribed with “a couple of hundred” investors piling into the deal amid continuing US enthusiasm for Chinese technology stocks. iSoftStone...
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