Saturday, 23 July 2011 00:52
China's Cathay Industrial Biotech Ltd filed with U.S. regulators on Tuesday to raise up to $200 million in an initial public offering of American Depositary Shares.
In a filing with the U.S. Securities and Exchange Commission, the company said Morgan Stanley, Deutsche Bank Securities and Jefferies would be underwriting the offering.
Cathay Industrial plans to list its shares on Nasdaq under the symbol "CBIO."
The Shanghai-based company said that besides expanding its production and research facilities, it would use the proceeds of the offering to further develop and commercialize biobutanol - an industrial solvent.
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO can be different.
(Reporting by Chris Jonathan Peters in Bangalore; Editing by Prem Udayabhanu)