Chemspec International, which is the largest manufacturer of fluorinated specialty chemicals in China, raised $72.8 million by offering 8,087,000 ADSs at $9, the high end of its $7 to $9 range. The stock is expected to begin trading on the NYSE under the symbol "CPC" on Wednesday. Credit Suisse and Citi acted as joint bookrunners on the deal.
Chemspec became the second Chinese company to list in the US since the successful IPO of online game developer Changyou.com (CYOU) back on April 1, 2009. Shares of Changyou.com have more than doubled from their $16 offer price. Another Chinese firm, water treatment products manufacturer Duoyuan Global Water (DGW), also plans to list on the NYSE on Wednesday. Pricing terms have yet to be announced by its underwriters.
