Companies

Xueda Education surges 32% after $128m US IPO

(Agencies)
Updated: 2010-11-03 15:05

Xueda Education Group, the Beijing-based provider of tutoring services for primary and secondary school students in China, surged 32 percent after raising $128 million in its US initial public offering (IPO), Bloomberg reported on Wednesday.

Cautious monetary policy urged Related readings: Investor caution on IPO

Xueda advanced $3 to $12.50 in New York Stock Exchange trading after climbing as much as 55 percent. The company sold 13.43 million American depositary receipts for $9.50 each after offering them at $7.25 to $9.25, a filing with the Securities and Exchange Commission and a statement showed.

Chinese companies have accounted for 13 percent of the $18.3 billion raised by IPOs in the US this year, according to data compiled by Bloomberg that excludes closed-end funds and investment companies. Five of the 10 largest gains among companies listing in New York this year have come from China, the data show.