Softto, which sells branded personal care products in China, filed on Friday with the SEC to raise up to $15 million in an initial public offering.
The Guangzhou, China-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Softto would command a market value of $65 million.
Softto offers a portfolio of personal care and beauty products, including cleansing, skincare, shampoo, and oral care products. Its product brands mainly include Softto, Softto Oriental Herbs, i-softto, Dakeshu, Qingyuan, and Welltop, and its branded products are sold in 238 cities across China. The company does not manufacture its products, instead contracting OEM manufacturers.
Softto was founded in 1988 and booked $14 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol SFTO. The company filed confidentially on March 15, 2024. Revere Securities is the sole bookrunner on the deal.
