Ossen Innovation, which manufactures customized prestressed steel materials in China, announced terms for its IPO on Friday. The Shanghai-based company plans to raise $56 million by offering 7 million ADSs at a price range of $7-$9. At the mid-point of the proposed range, Ossen Innovation will command a market value of $176 million. Ossen Innovation, which was founded in 2002 and booked $119 million in sales for the 12 months ended June 30, plans to list on the NASDAQ under the symbol OSN. Global Hunter Securities and Knight Capital Markets are the lead underwriters on the deal, for which timing was not disclosed.
