China Zenix Auto to IPO

Most likely, this is another scam. However, it’s a rather big company in China and Morgan Stanley is lead underwriter.

China Zenix Auto International Limited, a leading China-based manufacturer of commercial vehicle wheels for OEMs and the aftermarket, announced terms for its IPO on Thursday. The Zhangzhou, China-based company plans to raise $122 million by offering 11.6 million shares at a price range of $9.50 to $11.50. At the mid-point of the proposed range, China Zenix Auto International Limited will command a market value of $542 million. China Zenix Auto International Limited, which was founded in 2003 and booked $485 million in sales for the 12 months ended December 31, 2010, plans to list on the NYSE under the symbol ZX. Morgan Stanley is the lead underwriter on the deal, which is expected to price during the week of May 9.

Ticker symbol will be ZX