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Le Gaga IPO Prices At High End Of Range

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cash1 October 29, 2010 (Chinavestor) Le Gaga, China's largest vegetable producer, priced its U.S. initial public offering at $9.50 per American depositary share, at the top end of the expected range of $7.50-$9.50. Le Gaga will make its U.S. trading debut on today on the Nasdaq under the ticker "GAGA."

Le Gaga suppplies 100 different kinds of vegetables to retailers and supermarkets throughout China. Wal-Mart (NYSE:WMT), the Dow component and the world's largest retailer, is reportedly among Le Gaga's customers. The company is selling 10.9 million shares and will raise $103.3 million through the offering.

Le Gaga, which operates 16 farms in the Fujian, Guangdong and Hebei provinces, was profitable in the second quarter, posting net income of $3.5 million on sales of $12.3 million.

Bank of America Merrill Lynch (NYSE:BAC) and UBS (NYSE:UBS) were the underwriter's for the IPO.



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