China's Country Style Cooking Surges After U.S. IPO
Country Style Cooking Restaurant Chain Co. surged 47 percent after the operator of 101 fast-food outlets in China raised 18 percent more than initially sought in its initial public offering.
The company climbed 47 percent to $24.30 in New York Stock Exchange trading today after selling $82.5 million in American depositary receipts at $16.50 apiece yesterday. Country Style Cooking had originally asked for as much as $14 each before increasing its offer price range to $14 to $16 on Sept. 23, the Chongqing, China-based chain’s Securities and Exchange Commission filings showed.
The offering was the first of at least nine IPOs scheduled this week, which would be the most in the U.S. in five months, data compiled by Bloomberg show. Two more mainland companies are planning initial sales on American exchanges this week after Chinese companies accounted for five of this year’s 10 best- performing IPOs in the U.S., the data show.
Country Style Cooking’s offering “reflects optimism about the Chinese consumer,” said Lewis Kaufman, a fund manager at Santa Fe, New Mexico-based Thornburg Investment Management, which had $56 billion in assets under management as of June 30. “The company has a lot of growth ahead of it.”
Bank of America Corp. of Charlotte, North Carolina, and Zurich-based Credit Suisse Group AG led the sale.
China Ming Yang Wind Power Group Ltd., the Zhongshan, China-based maker of wind turbines, may raise $400 million tomorrow, while ChinaCache International Holdings Ltd., the Beijing-based provider of Internet content to businesses and government agencies, is seeking $66 million the same day, filings and data compiled by Bloomberg show.
SouFun Holdings Ltd., the Beijing-based operator of China’s biggest property website, posted the second-largest first-day gain for a U.S. IPO this year, climbing 73 percent on Sept. 17 after raising $125 million.
Amyris Inc., based in Emeryville, California, raised $84.8 million today, selling 5.3 million shares for $16 each, according to data compiled by Bloomberg. That missed the IPO’s forecast range of $18 to $20. The shares climbed 3.1 percent to $16.50 in Nasdaq Stock Market trading today.
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