IPO Watch: Andatee, China Hydroelectric
The Chinese fuel oil supplier sold 3.1 million shares at $6.30 each, to raise $19.8 million. The company originally expected to price between $6 and $8.
Shares are tumbling 7% to $5.86 in afternoon trading.
China Hydroelectric is also falling, even after pricing 6 million units at $16 a unit, which was within its expected range. The company raised $96 million in the deal.China Hydroelectric upped the size of the offering several times since December. Regardless, shares are dropping 5.4% this afternoon, exchanging hands at $13.50. It has been a tough start to 2010 for IPOs. Last week, Symetra Financial (SYA), whose biggest investor is Warren Buffett's Berkshire Hathaway (BRK-A), priced its stock at $12 each, the bottom of its expected range. Chesapeake Lodging (CHSP) saw only 7.5 million of its shares snatched up after offering 12.5 million, and Cellu Tissue (CLU) priced 8.3 million shares at $13 each, below its expected range of $15 to $17. Terreno Realty, which originally delayed its IPO last week, squelched the offering on Monday due to market conditions, the Associated Press reported. -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
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