Carlyle, whose co-founder William Conway visited Fu Shou Yuan's main cemetery in Shanghai with a group of eight executives in December 2010, agreed to buy $25 million worth of shares, giving the company a $16.5 million paper profit on its week-old investment.
San Francisco-based Farallon bought another $10 million worth of Fu Shou Yuan shares, according to the IPO prospectus.
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Fu Shou Yuan's IPO was swamped by orders from small investors with the retail portion generating demand of more than 681 times the shares on offer, a company filing showed on Wednesday. The institutional tranche of the IPO was "very significantly over-subscribed", the filing added.
Other companies also traded sharply higher in their debuts. Japanese online payment provider econtext Asia, rose as much as 34 percent and China Conch Venture rose 22 percent.