NEW YORK, June 24 (Reuters) - Duoyuan Global Water Inc
Beijing-based Duoyuan sold 5.5 million ADRs, raising $88 million. In a recent regulatory filing, it had estimated its ADRs would be priced between $13 and $15, and would sell 5 million ADRs.
Duoyuan's IPO, the ninth overall in 2009 on a U.S.
exchange, follows an IPO by Chinese chemicals maker Chemspec
International Ltd
Chemspec's shares began trading for $9.45 per ADR Wednesday morning in their debut at a 5 percent premium. Duoyuan ADRs will begin trading Wednesday under the symbol "DGW" on the New York Stock Exchange.
The Duoyuan IPO's underwriters, led by Piper Jaffray, have the option to purchase another 750,000 ADRs. (Reporting by Phil Wahba; Editing by Derek Caney)