China New Borun shares rise after IPO prices low

NEW YORK (AP) - Shares of Chinese alcohol producer China New Borun rose after its IPO priced below expectations.

China New Borun is the first company to make it to market in June - four companies have delayed or withdrawn initial public offering plans this month after seven did so in May.

The Chinese company raised $40.1 million before expenses, after pricing 5.7 million American Depositary shares at $7 each. It initially expected a price range of $12 to $14.

Companies have had a hard time getting the price they desire for their shares in recent months as global economic concerns weigh on stock markets, dampening demand for IPOs. Half of the deals that have debuted this year have priced below expectations.

Shares of China New Borun, trading under the symbol "BORN" on the New York Stock Exchange, rose 27 cents, or 3.9 percent, to $7.27 in morning trading.