Camelot Information Systems prices IPO at bottom of expected range to raise $147 million

NEW YORK (AP) -- Chinese software services company Camelot Information Systems Inc. priced shares of its initial public offering at $11 each, the bottom of the expected range, the company said Wednesday.

The Beijing company and its shareholders sold 13.3 American depositary shares, each representing four ordinary shares, to raise about $147 million. The company had said it expected to price shares at $11 to $13 each.

Underwriters led by Goldman Sachs may buy another 2 million ADSs from the shareholders to cover excess demand for the IPO.

The company expects net proceeds of about $90 million, which it plans to use for working capital and general corporate purposes.

Camelot, which provides software support and consulting for the financial sector in China, posted net income of $13 million in 2009, up nearly 40 percent from 2008. Its revenue rose 30 percent to $118 million.

The shares are expected to trade Wednesday on the New York Stock Exchange under the symbol "CIS."