Chemspec International Limited Announces Pricing of Initial Public Offering of its American Depositary Shares
June 24 2009 - 6:03AM
PR Newswire (US)
SHANGHAI and NEW YORK, June 24 /PRNewswire-Asia/ -- Chemspec
International Limited (NYSE:CPC) ("Chemspec") today announced the
pricing of its initial public offering of 8,087,000 American
Depositary Shares (ADSs), each of which represents 60 ordinary
shares of Chemspec, at $9 per ADS. Chemspec is offering 6,328,000
ADSs and the selling shareholders are offering 1,759,000 ADSs in
the offering. The underwriters have a 30-day option to purchase up
to an additional 97,000 ADSs from Chemspec and 1,116,000 ADSs from
the selling shareholders to cover over-allotments. The ADSs will
begin trading on the New York Stock Exchange today, June 24, 2009,
under the ticker symbol "CPC." Credit Suisse Securities (USA) LLC
and Citigroup Global Markets Inc. are the Joint Bookrunners of the
offering. Oppenheimer & Co. Inc. and Piper Jaffray & Co.
are also underwriters of the offering. A registration statement
relating to these securities has been declared effective by the
United States Securities and Exchange Commission. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction. The offering of the securities is being made
only by means of a written prospectus forming a part of the
effective registration statement. A copy of the prospectus relating
to the offering may be obtained by contacting Credit Suisse
Securities (USA) LLC, Prospectus Department at Eleven Madison
Avenue, New York, New York 10010-3629, USA; telephone number:
1-800-221-1037; or Citigroup Global Markets Inc. at Brooklyn Army
Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220,
USA; telephone number: 1-800-831-9146. About Chemspec International
Limited Chemspec is a leading China-based contract manufacturer of
highly engineered specialty chemicals and the largest manufacturer
of fluorinated specialty chemicals in China based on sales. In
manufacturing specialty chemicals, Chemspec also provides process
design and process development services, which enable efficient and
rapid production of specialty chemicals that are incorporated into
the products of Chemspec's end users. Chemspec's customers and end
users include electronics, pharmaceutical and agrochemical
companies. Safe Harbor Statement This press release contains
statements that may constitute "forward-looking" statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve a
number of risks and uncertainties that could cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
these forward-looking statements. Further information regarding
these and other risks is included in Chemspec's filings with the
U.S. Securities and Exchange Commission, including its registration
statement on Form F-1, as amended from time to time. Chemspec does
not undertake any obligation to update any forward-looking
statement as a result of new information, future events or
otherwise, except as required under applicable law. For further
information, please contact: Christensen In New York Kathy Li Tel:
+1-212-618-1978 Email: In Hong Kong Tip Fleming Tel: +852-9212-0684
Email: DATASOURCE: Chemspec International Limited CONTACT: In New
York, Kathy Li, +1-212-618-1978, , or In Hong Kong, Tip Fleming,
+852-9212-0684, , both of Christensen, for Chemspec International
Limited
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