SinoTech Energy Limited, which offers enhanced oil recovery services using patented lateral hydraulic drilling technologies, announced terms for its IPO on Tuesday. The Beijing-based company plans to raise $168 million by offering 19.7 million ADSs at a price range of $7.50-$9.50. At the mid-point of the proposed range, SinoTech Energy will command a market value of $559 million. SinoTech Energy, which was founded in 2004 and booked $38 million in sales for the 12 months ended September 30, 2009, plans to list on the NASDAQ under the symbol CTE. Citi, UBS Investment Bank and Lazard Capital Markets are the lead underwriters on the deal, for which timing was not disclosed.
