UPDATE 1-Software maker, Chinese water co set for June IPOs

* Medidata to sell 6.3 mln shrs at $11-$13 each

* Duoyuan Global Water to sell 5 mln ADSs at $13-$15 each

By Phil Wahba

NEW YORK, June 3 (Reuters) - In another sign the market for initial public offerings is continuing to recover, two more deals, by a U.S. medical data software company and a Chinese water treatment equipment supplier, are set for IPOs on U.S. exchanges later this month.

Medidata Solutions Inc, a New York-based software maker serving pharmaceutical companies and contract research organizations, set the terms Wednesday for its planned IPO, which one of deal's underwriters said should price on June 17 and begin trading the following day.

The other aspirant, Duoyuan Global Water Inc, which distributes water treatment equipment in 28 Chinese provinces, said in a filing Monday that it plans to sell 5 million American Depositary Shares for between $13 and $15 apiece. The IPO's underwriter expects that deal to price and begin trading the week of June 22.

These two expected deals follow a modest string of seven IPOs in the United States since February, when a deal by pediatrics nutrition maker Mead Johnson Nutrition Co (MJN.N) broke a nearly three-month period without any deals.

Medidata, whose clients include drugmakers Johnson & Johnson (JNJ.N) and AstraZeneca (AZN.L), expects to sell 6.3 million shares in a price range of between $11 and $13, netting proceeds of $64.2 million, according to a prospectus filed with the U.S. Securities and Exchange Commission.

Medidata's revenue rose 31.2 percent year on year to $32.3 million in the quarter ended Dec. 31, 2008, with net income of $686,000.

Prior to that quarter, Medidata compared had sustained four straight quarterly losses, according to its filing.

If Medidata's IPO launches, it will be the third software company to go public in the United States in 2009, after language training software maker Rosetta Stone Inc (RST.N) and network software provider SolarWinds Inc (SWI.N).

Duoyuan, whose revenues rose 40 percent in 2008 with net income leaping 62.7 percent, is the third Chinese company to apply to go public on a U.S. exchange in 2009.

It follows video game maker Changyou.com Ltd (CYOU.O), which did an IPO in April, and Chinese Chemicals company Chemspec, which filed last week for an $100 million IPO. The date of Chemspec's IPO is still undetermined.

The Medidata deal is being led Citigroup and Credit Suisse, while Duoyuan's IPO is being led by Piper Jaffray

Medidata has applied to list on the Nasdaq under the symbol "MDSO," and Douyan has applied to list on the New York Stock Exchange under the ticker "DGW." (Editing by Steve Orlofsky)