(IPO article updated with Daqo New Energy postponing.)
NEW YORK (
) -- Initial public offerings are continuing on their losing streak.
China Electric Motor
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.
, 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.
While shares gained on its first day of trading, on Friday it is trading down 2.8% to $7.09.
withdrew its IPO, citing unfavorable market conditions, and
Daqo New Energy
postponed their deals.
Andatee China Marine Fuel Service
priced shares at the low-end of its expected range
earlier in the week.
Several other companies, including
announced IPO plans. Ironwood expects to come to market on Feb. 3.
-- Reported by Jeanine Poggi in New York.
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