Duoyuan Global Water, a portfolio company of private equity firm Global Environment Fund, has completed its initial public offering on the New York Stock Exchange of 5.5 million America
Duoyuan Global Water, a portfolio company of private equity firm Global Environment Fund, has completed its initial public offering on the New York Stock Exchange of 5.5 million American depository shares, raising USD88m.
Duoyuan is a China-based domestic water treatment equipment supplier.
Prior to the IPO, Global Environment Fund was the only outside investor in Duoyuan.
Founded in 1992, Duoyuan offers a set of more than 80 complementary products in the areas of circulating water treatment, water purification, and wastewater treatment.
Jeffrey Leonard, chief executive of Global Environment Fund, says: ‘Duoyuan represents a prime example of the type of clean technology companies in which GEF has invested over the past 20 years – proven technology, great management, growing organically to capture rapidly expanding local environmental and renewable energy markets.’
Steve Park, Duoyuan’s chief financial officer, adds: "We are pleased to have worked with GEF – their management expertise and sector knowledge created unparalleled value for our company leading up to this critical point of accessing the US capital markets to pursue our growth strategy."
Global Environment Fund is a Maryland-based private equity firm founded in 1990 investing in emerging markets, clean technology, energy efficiency, and timberland in emerging markets.
