Duoyuan Global Water IPO

What is it?

The $101 million flotation of American Depositary Shares on the New York Stock Exchange by Chinese water treatment equipment supplier Duoyuan Global Water.

Who is responsible?

Piper Jaffray acted as lead underwriter. Hogan & Hartson was DGW’s legal advisor.

What makes it special?

• DGW’s growth rate since entering the wastewater treatment market in 2001 has been nothing short of phenomenal. With China’s wastewater infrastructure needs running into hundreds of billions of dollars, the funds raised will give DGW the financial muscle to pursue new acquisitions, and to expand its manufacturing capabilities.

• Following an international roadshow, the deal drew multiple levels of over-subscription from investors, allowing it to price comfortably above the indicated price range.

• Despite fears of hype created by "stimulus fever" in China, the stock maintained its outperformance, ending the year more than 120% up on the June IPO price.