ShangPharma Corp.'s stock seesawed in its initial public offering Tuesday, hitting the market above the company's pricing of $15, but quickly diving.
The clinical research organization's American Depository Shares were priced at $15 each, near the midpoint of the company's $14.50 to $16.50 range. The stock opened at about $15.85, or nearly 6 percent above the IPO. Shares then quickly fell back below the offering price, to $13.97, or 6.9 percent down, in morning trading.
The company, based in Shanghai, provides drug research and development services for pharmaceutical and biotechnology companies. It is offering 3.2 million ADS, each of which is equal to 18 ordinary shares.