China Shengda Packaging Group, one of the largest paper packaging manufacturers in China, announced terms for its IPO on Tuesday. The Zhejiang Province-based company plans to raise $61 million by offering 10.1 million shares at a price range of $5.50-$6.50. At the mid-point of the proposed range, China Shengda Packaging Group will command a market value of $249 million. China Shengda Packaging Group, which was founded in 2010 in a reverse merger and booked $117 million in sales for the 12 months ended September 30, plans to list on the NASDAQ under the symbol CPGI. The company is currently traded on the OTC BB. Oppenheimer & Co. and William Blair are the lead underwriters on the deal, which is expected to price next week.
