China New Borun Corporation, which is the leading producer of corn-based alcohol in China, announced terms for its IPO on Monday. The Shandong-based company plans to raise $72 million by offering 5.5 million ADSs at a price range of $12-$14. At the mid-point of the proposed range, China New Borun will command a market value of $332 million. The company, which was founded in 2000 and booked $115 million in sales last year, plans to list on the NYSE under the symbol BORN. Piper Jaffray is the lead underwriter on the deal, for which timing was not disclosed.
