ismagilov
Chinese language oat merchandise maker YanGuFang Worldwide (YGF) has downsized a proposed US preliminary public providing by 37% to $19M.
YanGuFang mentioned in a filing that it’s now contemplating providing 3.5M shares priced between $4 and $7, which might increase round $19M if priced on the midpoint.
The corporate hopes to record its shares on Nasdaq beneath the image YGF. EF Hutton is serving as lead bookrunner.
In a filing made in September, YanGuFang mentioned that it was seeking to provide 5M shares priced between $5 and $7, which might have raised $30M if priced on the midpoint.
Primarily based in Shanghai however integrated within the Cayman Islands, YanGuFang operates via subsidiaries and variable curiosity entities, or VIEs, in China. The corporate is a producer and marketer of meals and private well being merchandise constructed from oats and grain. It markets its merchandise primarily in China, however is seeking to broaden internationally, with a US launch deliberate for late 2022.
The corporate has been worthwhile. For the fiscal yr ended June 30, YanGuFang reported a web earnings of $6M on income of $36M.
For extra on YanGuFang, try Donovan Jones’s “YangGuFang International Readies $30M US IPO.”
