Andatee China Marine Fuel (AMCF), which produces and sells blended marine fuel oil for cargo and fishing vessels in China, raised $20 million by offering 3,134,900 shares at $6.30, within its proposed range of $6.00 to $8.00 per share. After opening at its $6.30 offer price, shares of the China-based company slipped 1% in early morning trading on the NASDAQ. Rodman & Renshaw and Newbridge Securities acted as joint bookrunners on the deal.
Andatee China Marine's IPO follows yesterday's pricing of another China-based IPO from China Hydroelectric (CHC), which saw its shares fall -6% on its first day of trading. China Hydroelectric, which is an acquirer and operator of small hydropower plants in China, raised $96 million after upsizing the size of its IPO multiple times (it originally planned to raise $50 million). Broadband Capital, i-Bankers Securities, and Merriman Curhan Ford were the lead managers on the IPO.
