Nority International

NORITY International, a manufacturer of sports shoes, showed a clean pair of heels on its first day of trading yesterday, giving its shareholders a profit of 33.6 per cent.

The shares, offered at 84 cents, closed at $1.01 after briefly trading as high as $1.07.

The one-for-five bonus warrants closed at 56 cents, giving a package price of $1.122.

Trade was busy, with share turnover of $56.9 million.

The issue of 60 million shares, which raised $50.4 million, was 38 times oversubscribed.

Among the brands the company manufactures are Adidas, Fila and Reebok.

About $25 million of the cash raised will be used to increase production by adding a 215,000 square foot plant in Shenzhen.