Energy
China's Gushan Environmental's IPO Already Debuts On NYSE (GU)
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Some IPO’s make it to market pretty fast in several weeks and some take many months. The largest Chinese biodiesel producer called Gushan Environmental (NYSE: GU) is already coming to market today. We just noted its filing on December 4. This may be one of the fastest IPO’s from the filing date on record.
The company set 18 million shares at $9.60 per share, but this is under the original range of $11.50 to $13.50. Merrill Lynch was the lead underwriter in the syndicate and co-managers were listed as CIBC World Markets and Piper Jaffray.
The company is profitable and plans to more than double its production by the end of next year. China & biodiesel… This might make you wonder why its pricing was sub-par.
Jon C. Ogg
December 19, 2007
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