Syswin Inc., a real estate company in China, said Wednesday it cost its initial public contribution at $7 a share, below its probable range.
The company is offering 9.6 million American Depository Shares at $7 apiece, for earnings of $67.2 million. Beforehand, the company said it would offer the shares at a range of $9.25 to $11.25 each.
Every ADS symbolizes four normal shares.
The company plans to use the profits from the offering to fund development, merger and attainment activities and other general business purposes.
Syswin was established in 2007 by Liangsheng Chen, who also holds the title of chief decision-making.
The company conducts its real estate services throughout Syswin Xing Ye, which also was founded by Chen.
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