China Power Technology (CNPT)

China Power Technology unveils IPO terms

China Power Technology, which manufactures energy efficient industrial boilers in China, announced terms for its IPO on Friday. The Kaifeng City-based company plans to raise $30 million by offering 2.3 million shares at a price range of $12 to 414. At the mid-point of the proposed range, China Power Technology will command a market value of $172 million. China Power Technology, which was founded in 2007 and booked $93 million in sales for the 12 months ended September 30, 2010, plans to list on the NASDAQ under the symbol CNPT. Rodman & Renshaw is the lead underwriter on the deal, for which timing was not disclosed.