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Ossen Innovation (OSN) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Ossen Innovation (NASDAQ:OSN) is a Chinese company makes and sells rare earth coated, zinc coated, and plain steel materials. These steel materials are used to build bridges, highways, and other infrastructure heavy projects. Ossen's production facilities are in Maanshan City in the Anhui Province and in Jiujiang City in the Jiangxi Province. Both of these facilities are located are located 4-8 hours drive west of Shanghai. The company coats many of its steel materials with rare earth metals in order to decrease the corrosion, improve the toughness, provide a smooth final coat on the structure.[1]
The rapid growth in China's economy has pushed the demand for increased construction of necessary infrastructure. Based on current government policies of the People's Republic of China, over the next decade more than 200 new bridges will be built over some of the largest rivers in China such as the Yangtze River. Furthermore, over 400 existing bridges will need to be reinforced, expanded, or refurbished. In addition, the company hopes to expand its product line to include the production of rare earth coated strands and wires. Ossen expects that it is well positioned to take advantage of the continued economic growth and infrastructure investment occurring in China. [2]
The company's initial public offering of stock on the NASDAQ occurred on December 20, 2010. The company offered 5M ADSs each for $4.50. The company had originally planed to sell 7M ADSs within the range of $7-$9. The deal would have raised $56M at the center of the initial price range. The deal, after the downward size and price revision, raised $23M. The lead underwriters of the deal were Global Hunter Securities and Knight Capital Markets.[3]
Ossen's total revenue for the fiscal year 2009 was $101M. This corresponds to an approximately 22% increase over its 2008 total revenue figures of $82.7M. For the first 6 months of 2010, the total revenue was 45% higher than the total revenue for the first 6 months of 2009. Net income for the fiscal year 2009 was $9.7M which was a 102% increase over the 2008 figure of $4.8M.[4]
References
- ↑ OSN F-1/A 2010 PROSPECTUS SUMMARY "Overview" pg1
- ↑ OSN F-1/A 2010 PROSPECTUS SUMMARY "Overview" pg2
- ↑ Renaissance Capital - IPO Home "China-based Ossen Innovation prices IPO at $4.50, below the modified range" 21 Dec 2010
- ↑ OSN F-1/A 2010 PROSPECTUS SUMMARY "Summary Consolidated Financial Data" pg9
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