Budget hotel operator China Lodging Group rallied as much as 26.5% in its Nasdaq trading debut on Friday before settling 13.6% higher at $13.92. Demand was robust during the bookbuild for the initial public offering, but the strong debut suggests that it was probably the right call not to price above the initial range. According to a source, there were discussions about whether to do this so that the company might raise a bit of extra cash, but in the end, the price was kept at the top of the original range, resulting in a deal size of $110.25 million.
Given the poor performance by several other IPOs in the US recently, including a...
¬ Haymarket Media Limited. All rights reserved.
