China Techfaith Wireless Communication Technology Ltd raised $141.4 million in its initial public offering after the mobile handset designer's American depository shares priced toward the high end of its estimated pricing range. The offering priced at $16.25 per ADS late Thursday, the underwriter said. Last month the company set its planned initial public offering at 8.7 million ADSs for between $15 and $17 each. The Beijing-based company was selling 6.1 million ADSs and shareholders were selling another 2.6 million ADSs, according to an amended offering document filed with the US Securities and Exchange Commission. Each ADS represents 15 ordinary shares.
Merrill Lynch & Co is leading the group of underwriters, which have the option to buy another 1.2 million ADSs from shareholders in the event of heavy share demand.
China TechFaith has applied for a Nasdaq listing under the symbol "CNTF".