One IPO This Week: Ossen Innovation

 |  Includes: ISS, OSN
by: Renaissance Capital IPO Research

Ossen Innovation (NASDAQ:OSN), which manufactures customized pre-stressed 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 eight IPO pricings. iSoftStone Holdings (NYSE: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.