DangDang Takes on Amazon With IPO
Online bookseller DangDang is surging on its first day of trading on the NYSE.
NEW YORK (
) --
Amazon
(AMZN) - Get Report
is in the red as China's
DangDang
(DANG)
surges on its first day of trading.
DangDang, which is an online bookseller, is up more than 70%, after opening on the New York Stock Exchange at $24.50. It's initial public offering price was $16, and the deal totaled $272 million. The company expected the IPO to price between 413 and $15 a share, and increase from earlier estimates of $11 to $13.
The company competes in China with Amazon's joint venture Joyo.com.
--Written by Jeanine Poggi in New York.
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