IPO Watch: China Electric Motor, IFM
(IPO article updated with Daqo New Energy postponing.)
NEW YORK (TheStreet) -- Initial public offerings are continuing on their losing streak.
China Electric Motor (CELM) made its debut on the Nasdaq today after pricing shares at the bottom of its expected range.
The Chinese maker of parts for household appliances, autos and consumer devices sold 5 million shares for $4.50 each, to raise $22.5 million. In December, the company hoped to get between $6 and $7 a share, cut its asking price twice before the IPO was finalized.
On Thursday, IFM Investments (CTC), also known as Century 21 China, priced 12.5 million shares at $7 each. It originally hoped to raise $162 million and price shares between $8.75 and $10.75 a share.
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