Hurray (HRAY), a provider of advanced wireless value-added services and mobile telecommunication network software in China, raised over US$70 million in its initial public offering today.
6,880,000 ADSs, each representing one hundred ordinary shares, opened at US$10.26 per ADS. The stock ended the day at US$10.25.
The IPO consisted of 6,624,339 ADSs offered by Hurray and an aggregate of 255,661 ADSs offered by its selling shareholders.
Citigroup Global Markets Inc. acted as the global coordinator and bookrunning manager for the offering, with Piper Jaffray & Co. and ThinkEquity Partners LLC acting as co-managers.
