Investing

China IPO Watch: NetQin Not Living Up to Renren Performance (NQ, RENN)

NetQin Mobile Inc. (NYSE: NQ), China’s leading mobile security software player, is debuting in its initial public offering today.  Unfortunately, the reception is far from hot compared to some of the pre-IPO publicity that it had been getting. 

The company got a solid pricing with more shares than planned.  It sold 7.75 million ADRs at $11.50 per share, above what was expected to be about 7.1 million shares and at the top of its anticipated $9.50 to $11.50 per share price range.

Shares opened at $11.50 this morning but shares are now down around $10.35 on 2.7 million shares.

Piper Jaffray & Co. was the sole book-runner, and co-managers were Oppenheimer & Co. and Canaccord Genuity.  These underwriters have been given a 30-day overallotment option to purchase up to 1,162,500 additional ADSs.

Renren Inc. (NYSE: RENN), touted as “the Facebook of China,” is still in positive territory after its solid debut yesterday.  At 10:00 AM EST we have shares up 0.55% at $18.15 after closing at $18.01 yesterday.  Renren also saw some 90.7 million shares trade yesterday and the volume after 30 minutes is almost 5 million shares.

JON C. OGG

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