Specialty chemical manufacturer Chemspec International has followed in the recent footsteps of water treatment equipment supplier Duoyuan Global Water by completing its IPO in the US.
Raising US$73 million, a total of 8,087,000 American Depository Shares (ADSs) were offered at US$9 each. The company offered 6.33 million ADSs while shareholders offered 1.76 million.
Portia Ku, O'Melveny & Myers
Credit Suisse and Citigroup acted as joint bookrunners in the offering. They have a 30-day option to purchase additional ADSs from Chemspec and the selling shareholders to cover over-allotments. Oppenheimer & Co and Piper Jaffray & Co were also underwriters.
Chemspec’s IPO is only the ninth on a US exchange this year, and the third Chinese company IPO in the US in 2009.
Hong Kong-based partner Chris Lin led a Simpson Thacher & Bartlett team advising the Chemspec, supported by Jin Mao PRC Lawyers on PRC law matters and Maples and Calder on Cayman law matters.
Following up its work on the Duoyuan listing, O’Melveny & Myers represented the joint bookrunners on Chemspec supported by King & Wood for PRC law.
Shanghai partner Portia Ku led O’Melveny’s team on the deal and was supported by the firm’s Washington DC-based SEC group, including partners Marty Dunn and Rob Plesnarski.
Chemspec is a China-based contract manufacturer of highly engineered specialty chemicals and the largest manufacturer of fluorinated specialty chemicals in China based on sales. The company’s customers and end users include electronics, pharmaceutical, and agrochemical companies.