Public Exits

China Distance Education Ltd., a Beijing-based provider of online education and test preparation courses, has raised $61.25 million in its IPO. The company priced 8.75 million American depository shares at $7 per share, which was the low end of an already-reduced price range. It plans to trade on the NYSE Arca, while Citi and Merrill Lynch served as co-lead underwriters. Shareholders include Orchid Asia Group Management and Morningside Technologies.

First Wind Holdings Inc. (f.k.a. UPC Wind), a Newton, Mass.-based developer of wind power projects, has filed for a $450 million IPO. It plans to trade on the Nasdaq under ticker symbol WINDY, with Credit Suisse, Goldman Sachs and JPMorgan serving as co-lead underwriters. Shareholders include D.E. Shaw and Madison Dearborn Partners.

Jiangsu Rongsheng Heavy Industries Co Ltd. reportedly is planning an overseas IPO that would raise at least $1 billion. The Chinese shipbuilder last year raised $250 million in private equity funding from firms like Goldman Sachs and D.E. Shaw.

Rhino Resources Inc., a Lexington, Ky.-based coal company backed by Wexford Capital, has indefinitely postponed its IPO, because of market conditions. The company had previously reduced its offering range from $16-$18 per share to $11-$12 per share, while maintaining plans to offer 10 million common shares. Morgan Stanley and Lehman Brothers are serving as co-lead underwriters.

STR Holdings Inc., an Enfield, Conn.-based maker of solar power module encapsulant, has filed for a $300 million IPO. It plans to trade on the NYSE under ticker symbol PVS. Credit Suisse and Goldman Sachs are serving as co-lead underwriters. Shareholders include DLJ Merchant Banking Partners and Northwestern Mutual Life Insurance Co.