IPO Watch: China's GDS Hits Sour Note

(RTTNews) - Chinese data center developer and operator GDS Holdings Ltd debuted on the Nasdaq at $10 on Wednesday, below its projected range of $12 to $15. The Shares closed at $10.41 on the first day is currently at around $10.50.

The GDS IPO failed to attract enthusiasm, reflecting weaker markets. Observers feel that the market has concerns about the current economy situation in China and its companies.

The company that has 15-years of track record in developing and operating a network of data centers has offered 19,250,000 American depository shares, each representing eight of its Class A ordinary shares.

Earlier on October 27, initial public offering of Chinese package delivery service provider ZTO Express opened at $18.40, and failed to reach its projected price of $19.50. The ZTO shares are currently at around $16. This has been projected as the biggest IPO of the year and the biggest public offering by a Chinese company in last two years.