After two postponements last week, only one deal is on the IPO calendar for this week.
China New Borun (BORN), 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, China-based company plans to list on the NYSE under the symbol BORN. Piper Jaffray is the lead underwriter on the deal.
The two deals expected to price their offerings last week both postponed, citing poor market conditions. Welsh Property Trust, a Central US-focused REIT with a portfolio of 80 industrial and 8 office properties, postponed its IPO after cutting its price range. Nobao Renewable Energy Holdings (NRE), which provides ground source heat pumps used to heat and cool Chinese commercial buildings, also postponed its IPO.
Despite this week's slight lull in the IPO calendar, five IPOs are scheduled for the following week: options exchange CBOE Holdings (CBOE), IP-based software firm Broadsoft (BSFT), education financial services company Higher One Holdings (ONE), mobile content solutions provider Motricity (MOTR) and independent E&P company Oasis Petroleum (OAS).
