NEW YORK (
Andatee China Marine Fuel Service
is tanking on its first day of trading, after pricing shares at the low end of its expected range.
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.
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,
, whose biggest investor is Warren Buffett's
( BRK-A), priced its stock at $12 each, the bottom of its expected range.
saw only 7.5 million of its shares snatched up after offering 12.5 million, and
( CLU) priced 8.3 million shares at $13 each, below its expected range of $15 to $17.
, which originally delayed its IPO last week, squelched the offering on Monday due to market conditions, the
-- Reported by Jeanine Poggi in New York.
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