Shares falls in IPO offering of Andatee China Marine Fuel Services Corp.

Shares in Andatee China Marine Fuel Services Corp. slid in their trading debut Tuesday even after the company sold 3.1 million shares at the low end of the expected pricing range.

Andatee said Tuesday it raised $19.8 million in the offering, which was initially scheduled to price Jan. 21.

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The Chinese fuel oil supplier raised the number of shares being offered to 3.1 million from 2.5 million. They had been expected to price between $6 and $8. The shares were eventually priced at $6.30 apiece.

Shares fell nearly 5 percent to $6.

Analysts say investors are demanding that IPOs price lower in a volatile stock market, especially smaller or riskier deals.

On Monday, China Hydroelectric Corp. said it priced its initial public offering of 6 million units at $16 per unit, within the expected range. It raised $96 million. Its shares dropped $1.55, or 11 percent, to $12.35 on Tuesday.

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