Concord Medical was able to price its US initial public offering in the upper half of the offering range, after sources said the deal was multiple times covered across the range, albeit with some price sensitivity. This allowed it to raise $132 million in a week when two other companies were forced to price below their initial price ranges and a fellow Chinese listing candidate pulled its US IPO altogether.
But Concord, which was brought to market by China International Capital Corp, J.P. Morgan and Morgan Stanley, wasn't able to escape the deteriorating sentiment for IPOs altogether. In its trading debut on Friday, the share price tumbled 13.6%, taking it below the initial offering...
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