Oranco, which sells branded Baijiu in China, revised the terms for its upcoming IPO on Monday. The company originally filed for an IPO in March 2023 but was ineligible for tracking by Renaissance Capital until now, as it had planned to offer shares on a min-max, best efforts basis.
The Johns Creek, GA-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer between 2.2 million and 3.3 million shares at the same range.
Through its PRC Subsidiaries, the company is engaged in the marketing, sale, and distribution of Chinese Baijiu in China. It primarily sells Baijiu under its own brands, though it also sells Baijiu in collaboration with Fenjiu Group. In 2016, the company established an imported wine distribution business, through which its subsidiaries have sold and distributed wines imported from Spain and New Zealand in China.
Oranco was founded in 1977 and booked $17 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol ORNC. Tiger Brokers is the sole bookrunner on the deal.
