The company sold 3 million ADSs at $15 per ADS. Net proceeds from the offering totaled approximately $41.4 million after the deduction of underwriting discounts and commissions and estimated offering expenses. The offering also includes a 30-day option for underwriters to purchase up to an additional 450,000 shares at $15 per ADS, minus the underwriting discount, to cover any over-allotments.
The stock rose more than 9% to a high of $16.65 for the day. More than 1.1 million shares changed hands as of 3:23 p.m., nearly double the average volume of 541,534.