January 29, 2010 (FinancialWire) — Duoyuan Global Water Inc. (NYSE: DGW), a China-based domestic water treatment equipment supplier, said that its follow-on public offering of 3.545 million American Depositary Shares, representing 7.09 million ordinary shares, was priced at $29.50 per ADS.

Of these ADSs, 2,760,000 ADSs are being sold by the company and 785,000 ADSs are being sold by a selling shareholder.

The underwriters have been granted a 30-day option to purchase up to 416,750 additional ADSs from the company and 115,000 additional ADSs from the selling shareholder to cover over-allotments, if any.

Duoyuan said it will see net proceeds of around $76.8 million. The company will not receive any proceeds from the sale of ADSs by the selling shareholder.

The company plans to use the net proceeds from the offering to expand manufacturing facilities to increase in-house production of components used in existing or new product offerings and for general corporate purposes.

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