China-based pharma company ShangPharma has announced that its initial public offering (IPO) of American depository shares (ADS) was priced at $15 per ADS. The company is offering 3.2 million ADSs, and some of its shareholders are offering an additional 2.6 million ADSs. Each ADS represents 18 ordinary shares of the company. The company will not receive any proceeds from the ADSs sold by the selling shareholders. The underwriters have been granted a 30-day option to purchase up to an additional 8.7 million ADSs from the selling shareholders. The ADSs will begin trading on the New York Stock Exchange on October 19, 2010, under the ticker symbol "SHP". US-based companies Citigroup Global Markets and JP Morgan Securities acted as joint book-runners for the offering. William Blair & Company and Oppenheimer { both based in the US, acted as co-managers for the offering.