New York IPO for Sinotech Energy

    December 14, 2010 | BY

    clpstaff &clp articles

    Sinotech Energy (Sinotech) has launched its initial public offering (IPO) on the Nasdaq, raising US$187.2 million . The IPO consisted of 19.7 million American…

    Sinotech Energy (Sinotech) has launched its initial public offering (IPO) on the Nasdaq, raising US$187.2 million . The IPO consisted of 19.7 million American Depository Shares (ADSs) sold for US$8.50 each. The sole global coordinator and bookrunner was UBS, and the co-managers of the offering were Citigroup Global Markets and Lazard Capital Markets.

    Beijing-based Sinotech provides advanced technology oil recovery services to oil companies in China.

    US counsel to the issuer was Simpson Thacher & Bartlett, and Sidley Austin acted for the underwriters. Maples and Calder advised on offshore law.

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