China: Duoyuan Printing shares fall in IPO debut.Byline: pinto pinto Spotted horse, also called paint, piebald, skewbald, and other terms to describe variations in colour and markings. The American Indian ponies of the western U.S. were often pintos. Most pure-breed associations refuse to register horses with pinto colouring. 03 Shares of Chinese printing equipment supplier Duoyuan Printing Inc. fell Friday after its initial public offering raised $63 million, pricing at the bottom of its expected range. In a filing with the Securities and Exchange Commission earlier in the week, Duoyuan said it had expected to sell 6.5 million shares for $8.50 to $10.50 each. The Beijing-based company raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $42.3 million, and intends to spend it building a factory, upgrading existing manufacturing facilities and for general corporate purposes. Existing stockholders sold 955,918 common shares, which didn't directly benefit Duoyuan. Duoyuan shares dropped 35 cents, or 4 percent, to $8.16 in midday trading. The broader Standard & Poor's 500 index edged down 2 points to 1,066.61. Duoyuan says its distribution network, spread over more than 65 cities, is one of the largest within China's printing equipment industry. The Chinese printing industry grew at a compound annual rate of 17 percent a year from 2002 to 2007, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a trade group. Piper Jaffray Piper Jaffray & Co. (NYSE: PJC), often shortened to just Piper Jaffray or PiperJaffray, is a U.S. middle-market investment banking firm based in Minneapolis, Minnesota and is a focused on delivering financial advice, investment products and transaction execution underwrote the offering and is entitled to purchase an additional 968,388 shares. Duoyuan trades on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol "DYP DYP Dogru Yol Partisi (Turkish: True Path Party) DYP Draw Your Partner (team tournaments) DYP Do Your Part DYP Dynamic Transaction Routing Program ." Investors' reception of IPOs has been mixed recently. Earlier this week, two well-known brands, Hyatt Hotels Corp. and Ancestry.com., both got off to a strong start. But apart from them, five of the last nine IPOs have closed below their offering price on the first day, while an energy company, a bank and a real estate investment trust have postponed or suspended deals in the past two weeks. Another company that began trading Friday, solar products provider STR STR abbr. synchronous transmitter receiver Holdings Inc., was up nearly 9 percent by midday after shares priced at $10, below their expected range of $11 to $13. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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