Lizhan Environmental Corporation, a China-based company that sells synthetic leather to furniture, automotive upholstery and garment manufacturers, announced terms for its IPO on Tuesday. The Zhejiang Province-based company plans to raise $10 million by offering 2.9 million shares at a price range of $3-$4. At the mid-point of the proposed range, Lizhan Environmental will command a market value of $73 million. Lizhan Environmental Corporation, which was founded in 2005 and booked $40 million in sales for the 12 months ended June 30, plans to list on the NYSE Amex under the symbol LEC. Maxim Group LLC is the lead underwriter on the deal, for which timing was not disclosed.
