51job makes strong nasdaq debut

Chinese job recruitment services provider 51job Inc made a strong debut on the Nasdaq yesterday, opening at US$22.05.

The Shanghai-based company, which operates a job-recruitment portal and magazines, had priced its shares at US$14 each - above the high end of its offering range on strong demand, and against guidance of $11 to $13 when the offer was launched two weeks ago.

The company sold 5.25 million American depositary receipts to tap US$73.5 million, about 7.7 per cent higher than the $57.75 million to $68.25 million it hoped to raise.

Sources familiar with the offering said demand for the shares was 12 times the number offered.

The proceeds will increase to US$84.53 million if underwriter Morgan Stanley exercises a green-shoe option to ask 51job to issue an extra 787,500 American depositary receipts to cover over-allotments. Morgan Stanley has 30 days to exercise the option.