ShangPharma Prices New York IPO at $15

ShangPharma Corporation, a major Shanghai CRO, has completed its New York Stock Exchange IPO. The company priced its shares at $15, more or less in the middle of its expected range, which was $14.50 to $16.50. The offering placed 5.8 million ADSs, comprised of 3.2 million belonging to the company and 2.6 million from selling shareholders. Proceeds to the company were $48 million before fees. In open market trading, the shares quickly slipped to $14.  More details.... Stock Symbol: (NYSE: SHP)