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Initial public offerings priced or postponed this week

Fri, 12/11/2009 - 12:00pm
The Associated Press

The following is a list of initial public offerings that priced or were postponed during the week of Dec. 7-11.

Chesapeake Lodging Trust, a Fairfield, N.J.-based specialty REIT planning to acquire upscale hotel properties, postponed its 12.5 million share offering on Dec. 8, due to market conditions. J.P. Morgan and Deutsche Bank were to lead the deal. The stock was set to trade on the NYSE with symbol CHSP.

China Nuokang Bio-Pharmaceutical Inc. (Nasdaq: NKBP), a Shenyang, China-based biopharmaceutical company focused on hematological and cardiovascular products, priced 5 million American depositary shares, each representing 8 ordinary shares at $9 each on Dec. 10. The price was below the $10 to $12 filing range. Jefferies & Co. led the deal. The shares closed the first day, Thursday, at $8.67, and ended the week at $8.96, off 4 cents from the offering price.

Concord Medical Services Holdings Ltd. (NYSE: CCM) priced 12 million American depositary shares, each representing 3 ordinary shares, at $11 each on Dec. 10. The price was near the high end of the $9.50 to $11.50 revised filing range. Morgan Stanley, J.P. Morgan, and CICC were the lead managers. The Beijing, China-based company operates network of radiotherapy and diagnostic imaging centers in China. The shares closed the first day Friday, at $9.50, $1.50 lower than the offering price.

Ellington Financial LLC, a specialty finance company that invests in non-Agency RMBS, Agency RMBS and derivatives, based in Old Greenwich, Conn., postponed its 7.7 million share offering on Dec. 10, due to market conditions. Credit Suisse and Deutsche Bank were to lead the deal. The company was to trade on the NYSE with symbol EFC.

KAR Auction Services, Inc. (NYSE: KAR), a Carmel, Ind.-based provider of auction services for sellers of used and salvage vehicles, priced 23 million shares at $12 each on Dec. 10. The price was well below the $15 to $17 filing range. Goldman Sachs, Credit Suisse, and BofA Merrill Lynch were the lead managers. The stock closed the first day, Friday, at $12.03, up 3 cents from the offering price.

Linkage Technologies International Holdings Ltd., a Nanjing, China-based provider of software solutions and IT services for the telecommunications industry in China, withdrew its 10.2 million ADS offering last weekend and instead, merged with a competitor, AsiaInfo. The IPO had been set to price on Dec. 9 with Citigroup and Barclays Capital as the lead managers. NYSE symbol was to be BOSS.

Pebblebrook Hotel Trust (NYSE: PEB), a Bethesda, Md.-based REIT that intends to invest in hotel properties located in large US cities, priced 17.5 million shares, at the expected price of $20 each, on Dec. 8. BofA Merrill Lynch and Raymond James were the lead managers. The stock closed the first day, Wednesday, at $20.45 and ended the week at $21.25, up $1.25 from the offering price.

Trony Solar Holdings Co Ltd., a Shenzhen, China-based provider of solar photovoltaic (PV) modules, postponed its 19.5 million ADS offering indefinitely due to market conditions, after failing to price Dec. 9. J.P. Morgan and Credit Suisse were the lead managers. The stock was set to trade on the NYSE with symbol TRO.

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