Shares of China’s Ambow Education rise in IPO debut after pricing at bottom of expected range

Ambow Education shares rise in market debut

NEW YORK — Shares of Ambow Education, which provides educational services in China, are rising after the company raised $106.8 million in its initial public offering.

The Beijing company offered 7.5 million American depositary shares for $10, while shareholders sold 3.2 million ADSs. Shares had been expected to price from $10 to $12.

Each ADS represents two Class A ordinary shares.

Pricing low or below expectations typically signals weak demand for offerings, but it has been common this year because of volatile stock markets and weak market debuts by companies.

Ambow Education Holding Ltd. shares are rising 7 cents to $10.07 on the New York Stock Exchange under the symbol “AMBO.”