Oranco, which sells branded baijiu in China, withdrew its plans for an initial public offering on Thursday. It originally in March 2023, and revised its terms several times. It most recently filed in April 2024 to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. The company had not updated its prospectus since.
The Johns Creek, GA-based company was founded in 1977 and booked $19 million in sales for the 12 months ended December 31, 2023. It had planned to list on the Nasdaq under the symbol ORNC. Tiger Brokers was set to be the sole bookrunner on the deal.
