China Real Estate Information (CRIC), an e-House China spin-off of its real estate information and consulting business, raised $216 million by offering 18,000,000 ADRs at $12.00, within the range of $11.80 to $13.30. The stock opened slightly above its IPO price on the NASDAQ, and continued higher, returning over 15%. Credit Suisse and UBS were the bookrunners on the deal.
RailAmerica (RA), this week's other IPO, an owner/operator of short line freight railroads in North America, did not perform as well, closing down -8% on its first day of trading. Though it has rebounded slightly, it has yet to reach positive territory.
Including China Real Estate, there have been five China-based IPOs so far this year, a trend that looks to continue. ZST Digital Networks (ZSTN), a Chinese provider of digital and optical network equipment to cable system operators, plans to raise $25 million in an IPO next week. Additionally, there were two new Chinese IPO filings this week. BJB Career Education (BJB), which is the largest vocational IT education provider in China, filed on Wednesday with the SEC for an initial public offering. China Electric Motor (CEMO), which produces micro-motor products for household appliances, vehicles and other consumer devices, filed on Thursday to raise $15 million in an IPO by offering 2.3 million shares at a range of $6-$7. No timing on either deal has been announced.
