The following IPOs are expected to price this week:
China New Borun (BORN), which is the leading producer of corn-based alcohol mostly for baijiu liquor in China, plans to raise $72 million by offering 5.5 million shares 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. China New Borun, which was founded in 2000, booked $115 million in sales last year. The Shandong-based company plans to list on the NYSE under the symbol BORN. Piper Jaffray is the lead underwriter on the deal.
Nobao Renewable Energy Holdings (NRE), which provides ground source heat pumps used to heat and cool Chinese commercial buildings, plans to raise $162 million by offering 18 million shares at a price range of $8-$10. At the mid-point of the proposed range, Nobao Renewable Energy will command a market value of $831 million. Nobao Renewable Energy, which was founded in 2005, booked $24 million in sales last year. The Shanghai-based company plans to list on the NYSE under the symbol NRE. UBS Investment Bank and Citi are the lead underwriters on the deal.
Welsh Property Trust (WLS), a central US-focused REIT with a portfolio of 80 industrial and 8 office properties, plans to raise $350 million by offering 17.5 million shares at a price range of $19-$21. At the mid-point of the proposed range, Welsh Property Trust will command a market value of $559 million. Welsh Property Trust, which was founded in 1977, booked $156 million in sales last year. The Minnetonka, MN-based company plans to list on the NYSE under the symbol WLS. UBS Investment Bank and J.P. Morgan are the lead underwriters on the deal.
Last week, there was 1 IPO pricing. None of last week's IPOs ended in positive territory. GenMark Diagnostics (GNMK), which offers a molecular diagnostics testing system to hospitals and labs, ended the week 20 cents down from its IPO price of $6 per share.
