China Ming Yang pockets USD 350m from US floatation

(ADPnews) – Oct 5, 2010 - Wind turbine maker China Ming Yang Wind Power Group Limited (NYSE:MY), or Mingyang, has raised USD 350 million (EUR 256m) in an initial public offering (IPO) of 25 million American Depositary Shares.

The shares, priced USD 14 apiece, kicked off trade on the New York Stock Exchange (NYSE) on Friday under the symbol MY and closed at USD 13.25.

The underwriters have a 30-day option to purchase up to an aggregate of 3.75 million additional ADSs from Mingyang to cover over-allotments.

Morgan Stanley (NYSE:MS), Credit Suisse (NYSE:CS) and BofA Merrill Lynch are acting as joint bookrunners for the offering.

In September, the manufacturer told the Wall Street Journal it plans to use the IPO proceeds to build manufacturing facilities, purchase equipment and for potential acquisitions of component suppliers.

(USD 1.0 = EUR 0.731)

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