Market Overview

'Fast Thunder' IPO, Xunlei, Looks Strong After Day One

'Fast Thunder' IPO, Xunlei, Looks Strong After Day One

Chinese internet stocks have acquired much fanfare over recent months as a steady stream of tech IPOs hits the market.

Xunlei Limited (NASDAQ: XNET), which literally means, “Fast Thunder,” opened for trading Tuesday. A strong opening sent the stock higher as demand continued for the entire trading session.

The 7.3 million American Depository Shares (ADSs) of the IPO priced at $12, above the $9 to $11 expected range. Buyers raced to Xunlei even after the stock opened 18 percent above its offering price at $14.21. Over the course of the day, shares steadily moved up another 7 percent to close the first day of trading at $15.10.

Related Link: IPOs Up Double Digits On The Week

J.P. Morgan and Citigroup lead the underwriting effort as joint book-running managers.

Xunlei is one of the top 10 largest Chinese internet companies. Its flagship product is a download manager allowing users to accelerate downloads of various file types including video on-demand. The manager is a dynamic software suite that currently has a built-in browser and an email system.

Disclosure: The author holds no positions in the mentioned securities.

Posted-In: Chinese Internet Companies IPO Xunlei LimitedIPOs Best of Benzinga


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