2010-07-21 11:08

Camelot Information Systems Inc, which helps companies install and maintain business-management software, raised $147 million in an initial public offering after selling shares at the low end of its forecast range.

Camelot Information, founded in 2000, sold 13.3 million American depositary receipts at $11 each after seeking as much as $13 apiece, Bloomberg data and the Beijing-based company's filing with the Securities and Exchange Commission showed. Camelot Information, which works on behalf of International Business Machines Corp and Accenture Plc, will get 69 percent of the proceeds. Owners such as New York-based Citigroup Inc's venture capital funds will receive the rest.

The sale comes after four companies from 3-D movie projector maker RealD Inc to interactive whiteboard designer Smart Technologies Inc raised more than $1 billion combined last week and the Standard & Poor's 500 Index rallied from a 10-month low. Filings for initial offerings last quarter climbed to the highest level since 2007 even as deals worldwide were canceled at the fastest rate since the collapse of New York-based Lehman Brothers Holdings Inc.

Camelot Information, which gets most of its sales in China and Japan, begins trading tomorrow on the New York Stock Exchange under the ticker CIS. Each ADR, which represents an ownership stake in an overseas company that is issued by US banks and usually trades on American exchanges, will give investors four common shares of Camelot Information.

Goldman Sachs Group Inc in New York and London-based Barclays Plc led the offering.