Charm Communications Inc., a Chinese TV advertising agency, priced its initial public offering at $9.50 a share Tuesday night, raising about $74.2 million.
Shares had been expected to price from $9 to $11. Charm sold about 7.8 million American depositary shares, each representing 2 class A ordinary shares, to initial investors.
Underwriters led by Credit Suisse can buy another 1.2 million American depositary shares to cover excess demand for the IPO.
Charm's shares are expected to begin trading on the Nasdaq Wednesday under the ticker symbol "CHRM."
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