Duoyuan Printing, a leading manufacturer of offset printing equipment in China, raised $55 million by offering 6,455,918 shares at $8.50 per share, the low end of its proposed range of $8.50 to $10.50. Of the total shares offered, 955,918 shares were sold by insiders. The stock will begin trading on Friday on the NYSE under the symbol DYP. Piper Jaffray and Roth Capital acted as lead managers on the deal.
Duoyuan Printing's founder and Chairman is Wenhua Guo, who is also the Chairman and CEO of Chinese water treatment equipment manufacturer Duoyuan Global Water (NYSE: DGW), which went public in May 2009. Duoyuan Global Water is currently the best performing US-listed IPO of 2009 having last closed at $39.28 per share, up 146% from its $16 offer price.
