China Hydroelectric Corp. on Monday said it priced its initial public offering of 6 million units at $16 per unit, within the expected range.
In December, the company originally planned to offer 3.1 million units, but raised the offering size multiple times. The company expected the offering to price in a range between $15 and $17 per ADS.
The company raised gross proceeds of $96 million. Each unit consists of one American Depository Share priced at $14.80 and one redeemable warrant priced at $1.20. Each ADS represents three ordinary shares and each warrant entitles the holder to purchase three ordinary shares for an exercise price of $15.
China Hydroelectric has also granted the underwriters a 30-day option to purchase an additional 900,000 units from the company to cover over-allotments.
The shares and warrants began trading today on the New York Stock exchange under the ticker symbol "CHC" and "CHC WS," respectively.
China Hydroelectric consolidates, operates and develops hydropower plants in China. The company currently owns 11 hydropower projects and has a controlling interest in another.
The company's American Depositary Shares ended Monday at $13.90.
