IPO Analysis: China-based Global Market Group

IPOdesktop submits:

Based in Guangdong (84 air miles from Hong Kong), Guangzhou, China, Global Market Group (GMC) is scheduling a $132 million IPO with a market capitalization of $607 million at the price range mid-point of $12, for Friday, March 18. Joint managers are Deutsche (DB) and Piper (PJC). Co-managers are Cowen (COWN) and Oppenheimer (OPY). Each ADS represents 10 shares.

GMC has carved out a profitable niche connecting high-quality manufacturers in China to international buyers. GMC increased its manufacturing clients by 90% in 2010 to 1,636 as of December 2010, compared with 2009. According to the iResearch Report, GMC is the only e-commerce service provider in Chinas B2B e-commerce industry that focuses on providing export marketing services to high-quality manufacturers in China.

During 2010, GMC generated very good sequential quarterly progress in both top line revenue and bottom line profits. For calendar 2010, GMC showed a very high gross margin at


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