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…
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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
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.