November 11, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Noah Holdings Ltd. (NYSE: NOAH), a service provider focusing on distributing wealth management products to high net worth people in China, said that its initial public offering of 8.4 million American Depositary Shares was priced at an initial offering price of US$12.00 per ADS.

J.P. Morgan (NYSE: JPM) and Bank of America Merrill Lynch (NYSE: BAC) are acting as the joint bookrunners.

Two of the firm’s ADSs represent one ordinary Noah share.

Noah will see net proceeds of around US$91.2 million. The ADSs began trading on November 10 on The New York Stock Exchange.

Noah Holdings has granted the underwriters a 30-day option to purchase up to an additional 1.26 million ADSs to cover over-allotments.

The company said it plans to use $15 million of the proceeds to set up new branch offices and expand coverage network, including hiring additional relationship managers. It will also use $15 million to upgrade IT infrastructure and $15.0 million for capital contributions to funds of funds formed by the company, with the remaining amount for general corporate purposes.

China-based Noah Holdings is a service provider focusing on distributing wealth management products to the high net worth population in China. Noah distributes over-the-counter wealth management products that are originated in China, including primarily fixed income products, private equity funds and securities investment funds.

The firm operates 28 branch offices.

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