Loha, an organic food distributor in China, lowered the proposed deal size for its upcoming IPO on Friday.
The Shenzhen, China-based company now plans to raise $23 million by offering 2.5 million shares at a price range of $8 to $10. The company had previously filed to offer 4.3 million shares at a range of $5 to $7. At the midpoint of the revised range, Loha will raise -13% less in proceeds than previously anticipated.
Loha is a comprehensive distributor and smart retailer of fresh products in China with a focus on health and sustainability. The company currently has 102 overseas and 5 domestic suppliers in 16 countries, and operates through its "micro marts" and online WeChat public account.
Loha was founded in 2013 and booked $87 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol LOHA. Maxim Group LLC, Tiger Brokers, Valuable Capital, Prime Number Capital and The Benchmark Company are the joint bookrunners on the deal.
