WUXI, China, Dec. 6 /Xinhua-PRNewswire-FirstCall/ -- WSP Holdings Limited (NYSE: WH) ("WSP Holdings" or the "Company"), a manufacturer of seamless casing, tubing and drill pipes used in oil and gas exploration, drilling and extraction, today announced that its initial public offering of 25,000,000 American Depositary Shares ("ADSs") was priced at $8.50 per ADS. The Company's core production facilities are located in Wuxi, Jiangsu Province, People's Republic of China.
The ADSs, each representing two ordinary shares of WSP Holdings, will begin trading today, December 6, 2007, on the New York Stock Exchange under the ticker symbol "WH." WSP Holdings has granted the underwriters a 30-day option to purchase up to 3,750,000 additional ADSs to cover over-allotments, if any.
The lead manager and sole book-runner for the offering is JPMorgan, and co-managers are CIBC World Markets, Aseambankers Malaysia Berhad and First Shanghai Securities Ltd.
WSP Holdings' registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting JPMorgan by mail at 4 New York Plaza, New York, NY 10004, by telephone at (866) 576-2377 or by email at adr@jpmorgan.com.
About WSP Holdings Limited
WSP Holdings develops and manufactures seamless Oil Country Tubular Goods (OCTG), including seamless casing, tubing and drill pipes used for on-shore and off-shore oil and gas exploration, drilling and extraction. Founded in 1999, the Company offers a wide range of API and non-API seamless OCTG products, including products that are used in extreme drilling and extraction conditions. The Company's products are now used in the major oilfields in China and are exported to oil producing regions throughout the world.
