Vipshop Holdings, the first Chinese company to go public in the US since August last year, dropped 15.4% in its debut on Friday, and that was after pricing its offering 23% below the indicated price range.
The final IPO price of $6.50 allowed the company to raise $72.7 million well below the $117 million that it was targeting at the top of the range. The online discount retailer of fashion and other branded goods was marketing its American depositary shares at a price between $8.50 and $10.50 each.
A tad ambitious, seemingly, as by the end of Friday’s session, the stock had fallen to $5.50.
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