Yulong Eco-Materials, a Chinese producer of fly-ash bricks and concrete used in construction, announced terms for its IPO on Monday.
The Pingdingshan, China-based company plans to raise $15 million by offering 2.3 million shares at a price range of $6.25 to $7.25. At the midpoint of the proposed range, Yulong Eco-Materials would command a fully diluted market value of $79 million.
Yulong Eco-Materials, which was founded in 2011 and booked $46 million in sales for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol YECO. Yulong Eco-Materials initially filed confidentially on May 9, 2014. Axiom Capital Management and Cuttone & Co. are the joint bookrunners on the deal. IPO timing was not disclosed.
