Ossen Innovation (OSN), which manufactures customized prestressed steel materials in China, plans to raise $28 million by offering 5 million ADSs at a price range of $5-$6. At the mid-point of the proposed range, Ossen Innovation will command a market value of $110 million. Ossen Innovation, which was founded in 2002, booked $119 million in sales for the 12 months ended June 30. The Shanghai-based company plans to list on the NASDAQ under the symbol OSN. Global Hunter Securities and Knight Capital Markets are the lead underwriters on the deal.
Last week, there were 8 IPO pricings. iSoftStone Holdings (ISS), which is a leading China-based provider of outsourced IT services and solutions, was the week's winner, ending up 35% from its IPO price.
