Autohome ADRs surge in trading debutDecember 11, 2013 @ 7:58 am
(AP) - Shares of Chinese automotive information provider Autohome are surging in their trading debut.
The American depositary shares are up $11.60, or 68 percent, to $28.60 in morning trading after climbing as high as $31.37 shortly after they hit the market.
Late Tuesday, the company priced its initial public offering of 7.8 million American depositary shares at $17 each, above their projected range, for total proceeds of $132.9 million.
The offering's underwriters also have a 30-day option to buy up to 1.2 additional American depositary shares at the IPO price for additional proceeds of $19.9 million.
Autohome provides online information, listings and reviews for Chinese automotive consumers through a pair of websites. The shares are trading on the New York Stock Exchange under the ticker symbol "ATHM."
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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