Wind turbine maker floats shares on NYSE
By Zhang Yuwei | China Daily | Updated: 2010-10-04 07:38
NEW YORK - Ming Yang Wind Power Group Ltd, a Guangdong-based wind turbine manufacturer, priced its initial public offering (IPO) of 25 million American Depositary Shares (ADSs) at $14 a share on Friday, becoming the first Chinese wind energy company to list on the New York Stock Exchange (NYSE).
The company started trading the same day under the ticker 'MY'. It opened at $14.15, but fell to $13.25, 5.4 percent below its IPO price.
Morgan Stanley, Credit Suisse and Bank of America-Merrill Lynch acted as joint book-runners for the offering, according to a company press release.
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