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China Oilfield IPO

Maker of oil extraction equipment launches IPO.

Offer 211.6m shares at 60 cents.

Open 5 Oct, close on 15 oct. Listing on 17 Oct

The IPO aims to raise about $71.4 million in net proceeds. Of this, $24 million will go toward expanding production capacity, $6 million to research and development and $4 million to sales and marketing efforts. The remaining $37.4 million will be held as working capital.