Andatee China Marine Fuel Services, which produces and sells blended marine fuel oil for cargo and fishing vessels, announced terms for its IPO on Wednesday. The China-based company plans to raise $18 million by offering 2.5 million shares at a price range of $6.00 to $8.00. At the mid-point of the proposed range, Andatee China Marine Fuel Services will command a market value of $60 million. Andatee China Marine Fuel Services, which was founded in 2001 and booked $87 million in sales over the last 12 months, plans to list on the NASDAQ under the symbol AMCF. Rodman & Renshaw and Newbridge Securities are the lead underwriters on the deal.
