PR Newswire Asia, 5/05/11
Chinese mobile security provider NetQin (NYSE: NQ) raised USD 89.13 mln in its first day of trading yesterday, with American Depositary Shares (ADSs) closing at USD 9.3, down 19.1% from an initial IPO price of USD 11.50. NetQin issued 7,750,000 American depositary shares (ADSs), each representing five Class A common shares of the company.
Piper Jaffray & Co. acted as sole bookrunner and Oppenheimer & Co. and Canaccord Genuity acted as co-managers for the offering. The underwriters have been granted a 30-day option to purchase up to 1,162,500 additional ADSs to cover over-allotments.