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 - Get Report), 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 - Get Report) 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.