Category Archives: Initial public offerings

BVI corporation’s ordinary shares and warrants to trade separately

The British Virgin Islands-registered blank check company FlatWorld Acquisition Corp. made an announcement that Rodman & Renshaw, LLC, the representative of the underwriters of company’s initial public offering of 2,200,000 units, which was consummated in December 2010, has notified the BVI company that from February 4, 2011, the holders of the company’s units may choose to separately trade the ordinary shares and warrants underlying the units.

The units that are not separated will continue to trade on the OTC Bulletin Board under the symbol “FTWAU”, and each of the ordinary shares and warrants will trade under the symbols “FTWA” and “FTWAW”, respectively.

FlatWorld Acquisition Corp. was formed for acquisition or mergers with an operating business in the global business services sector or emerging Asian markets including China and India. Company’s target business will not be limited to a particular industry, geographic region, or a minimum transaction value.

Newly formed BVI company announced initial public offering

FlatWorld Acquisition Corp., blank check company newly registered in the British Virgin Islands and having the purpose of acquiring or merging with an operating business in the global business services sector as well as in emerging Asian markets including China and India, announced the pricing of its initial public offering of 2,200,000 units at a price of US$10.00 per unit, for gross proceeds of US$22,000,000.

BVI company’s units, each consisting of one ordinary share and one warrant to purchase one ordinary share at an exercise price of US$11.00 per share, appear on the OTC Bulletin Board under the ticker symbol “FTWAU“. 

Prior to the initial public offering, Flatword Acquisition consummated a private placement to the company’s sponsor, FWAC Holdings Limited, of 2,000,000 insider warrants at a price of US$0.75 per warrant. No placement fees will be payable in connection with the private placement.

Approximately US$22,440,000 of the gross proceeds of the public offering and private placement will be deposited into a trust account of Continental Stock Transfer & Trust Company, acting as the trustee.

BVI-registered company Mail.ru announced Initial Public Offering price

British Virgin Islands-incorporated Mail.ru Group Limited, which is the largest Internet company in Russian-speaking Internet markets, last week announced the price for its initial public offering of ordinary shares in the form of global depositary receipts (GDRs), to be admitted to the Standard Listing on the London Stock Exchange. The price of the public offering, which comprises 32.93 million ordinary shares, offered in the form of GDR, has been set at US$27.70 per GDR. This is equivalent to US$912.04 million at the offer price. One GDR will represent an interest in one ordinary share of the company.

The BVI company and the Selling Shareholders have granted to the joint bookrunners the option to acquire up to 3.29 million additional ordinary shares in the form of GDR as the over-allotment option. 3.03 million ordinary shares in the form of GDRs will be sold by the company, and 29.89 mln shares will be sold by selling shareholders, not including the shares to be sold pursuant to the exercise of the over-allotment option.

Following the offering, the total number of shares in issue will be 196.30 million. The offer price implies an equity value for the company of US$5.63 billion prior to new share issue and US$ 5.71 billion post new share issue. The gross proceeds from the primary portion of the offering are expected to be approximately US$84.01 mln (assuming no exercise of the over-allotment option). These proceeds will be used to fund, in part, the agreed acquisition of the additional equity stake in online social networking site vKontakte.

Delivery and payment for the GDRs is expected on 10 November 2010. Admission of the GDRs to the Official List and to trading on the London Stock Exchange plc’s regulated market is expected to occur on 11 November 2010. Mail.ru Group Limited expects that conditional trading through the International Order Book will commence on or about 5 November 2010, and unconditional trading is expected to occur on 10 November 2010.

BVI-registered medical company files for initial public offering

The British Virgin Islands-registered Dehaier Medical Systems filed for an initial public offering for selling 1.25-1.5 million shares at a price of US$7 to US$9 per share. Shares will be traded under the symbol DHRM.

The BVI company is focused on developing, manufacturing and selling home respiratory and oxygen products and other medical devices in China. It has a subsidiary in Hong Kong and is the owner of a majority stake in a China-based company Dehaier Medical Technology Co. Ltd.

From the initial public offering, Dehaier Medical Systems could raise US$10 million to US$12 million.

In the first nine months of 2009, Dehaier reported a profit of US2.1 million – compared to US$980,000 reported for 12 months of 2008. Also, for this period company revenue totaled US$9.4 million – almost the same amount as for the full year 2008.