21Vianet Group shares rise in market debut

AP News
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Posted: Apr 21, 2011 11:38 AM
21Vianet Group shares rise in market debut

Shares of Chinese Internet data center services provider 21Vianet Group Inc. are soaring on their first day of trading.

The company said Thursday it priced its initial public offering above expectations at $15 per American Depository Share and expanded the sale to 13 million shares. It had planned to sell 12.5 million shares at $12 to $13 each.

21Vianet now expects gross proceeds of $195 million from its IPO. The Beijing company provides carrier-neutral Internet data center services. Each ADS of 21Vianet represents six Class A shares.

The stock is listed on the Nasdaq Global Market under the symbol "VNET."

In morning trading, shares climbed $6.49, or 43 percent, to $21.49 as the broader markets edged higher.