You have to love another Chinese company sneaking in an F-1 filing on December 30 with its intent to come public. That is just what China Dredging Group Co., Ltd. filed for late Thursday with its intention of an initial public offering. No terms were announced other than “up to $50 million” in ordinary shares and that it plans to list on NASDAQ under the ticker “CLFF.” The only underwriter listed was Chardan Capital Markets, LLC.
China Dredging as you might have guessed is a dredging contract services provider to the Chinese marine infrastructure market. Its services include on-site investigation and measurement, cost estimation, sediment and obstruction removal and transport and disposal of dredged material “in an environmentally responsible manner.”
The company noted that revenues increased by 47.5% in 2009 over 2008 to $80.3 million; those revenues are up another 50.1% to $91.4 million in the first 9-month period of 2010 over 2009. Net income rose some 43.3% to $28.8 million in 2009 and rose by some 51.7% to $34.4 million for the nine-month period ending September 30, 2010.
The company also claims a backlog of $53.4 million as of September 30 and also claims that it sees “significant revenue visibility through 2011 and into 2012.”
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