The following IPOs are expected to price this week:
Andatee China Marine Fuel, which produces and sells blended marine fuel oil for cargo and fishing vessels in China, plans to raise $18 million by offering 2.5 million shares at a price range of $6-$8; at the mid-point of the proposed range, it will command a market value of $60 million. Andatee, which was founded in 2001, booked $87 million in sales over the last 12 months. The Dalian ,China-based company plans to list on the NASDAQ under the symbol AMCF. Rodman & Renshaw and Newbridge Securities are the lead underwriters on the deal.
Cellu Tissue Holdings, a North American producer of private label tissue products, plans to raise $125 million by offering 7.8 million shares at a price range of $15-$17; at the mid-point of the proposed range, it will command a market value of $306 million. Cellu Tissue, which was founded in 1984, booked $528 million in sales over the last 12 months. The Alpharetta, GA-based company plans to list on the NYSE under the symbol CLU. Goldman Sachs and J.P. Morgan are the lead underwriters on the deal.
China Hydroelectric, which acquires and operates small hydropower plants in China, plans to raise $50 million by offering 3.1 million units (with each unit consisting of one ADS, worth three ordinary shares, and one warrant entitling the holder to purchase three ordinary shares for $15) at a price range of $15-$17; at the mid-point of the proposed range, it will command a market value of $721 million. China Hydroelectric, which was founded in 2006, booked $35 million in sales over the last 12 months. The Beijing, China-based company plans to list on the NYSE under the symbol CHC. Broadband Capital is the lead underwriter on the deal.
Symetra Financial, which provides group health, retirement, life and employee benefits insurance, plans to raise $351 million by offering 27 million shares at a price range of $12-$14; at the mid-point of the proposed range, it will command a market value of $1.5 billion. Symetra Financial, which was founded in 1957, booked $1.5 billion in sales over the last 12 months. The Bellevue, WA-based company plans to list on the NYSE under the symbol SYA. BofA Merrill Lynch, J.P. Morgan, and Goldman Sachs are the lead underwriters on the deal.
Terreno Realty Corp., which is a newly organized REIT targeting industrial real estate in six coastal U.S. markets, plans to raise $300 million by offering 15 million shares at a price of $20 per share; at the mid-point of the proposed range, it will command a market value of $312 million. The San Francisco, CA-based company, which has no operating history to date, plans to list on the NYSE under the symbol TRNO. Goldman Sachs is the lead underwriters on the deal.
