Two IPOs are lined up for the U.S. markets this month, with a medical data software company and a Chinese water treatment equipment supplier preparing to go public.
The first initial public offering that is expected, from New York-based Medidata Solutions Inc., is scheduled to begin trading June 18 on the Nasdaq under the symbol MDSO. The other, Beijing's Duoyuan Global Water Inc., is slated to launch on the New York Stock Exchange under the symbol DGW some time during the week of June 22. Both offerings are small; Medidata is seeking to raise as much as $82 million, while Duoyuan is aiming for $75 million.
So far, June appears to be shaping up as a repeat of April and May in terms of U.S. IPO volume; there were three deals completed in each of those months.
Medidata Solutions makes software that pharmaceutical and medical-device companies use to manage information from their clinical trials; its customers include Johnson & Johnson (JNJ), AstraZeneca PLC (AZN), Amgen Inc. (AMGN), Astellas Pharma Inc. (ALPMF) and Takeda Pharmaceutical Co. (TKPHF). Although its revenue has been rising rapidly, the company has a history of annual operating and net losses dating back to its inception.
Duoyuan Global Water, which distributes its water treatment equipment throughout 28 Chinese provinces, shows both revenue and profit gains. Revenue rose 40% on increased product demand and net income jumped 63% in 2008 compared to 2007. The company cites population growth and industrialization as factors that are driving demand for water treatment in the country.
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