Charm shares rise in IPO debut
Chinese TV ad agency claims it is leading in China, profitableNEW YORK — Shares of Chinese TV advertising agency Charm Communications are rising in their IPO debut.
The company priced its initial public offering at $9.50 per share Tuesday night, raising about $74.2 million. Shares had been expected to price from $9 to $11.
Charm said it is the leading TV ad agency in China, and it has been profitable since 2005.
Charm's shares are climbing 11 cents, or 1.2 percent, to $9.61 on the Nasdaq under the symbol "CHRM."