YanGuFang International Group, a Chinese producer of oat and grain products, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Shanghai, China-based company now plans to raise $13 million by offering 2.5 million shares at a price range of $4 to $6. The company had previously filed to offer 3.5 million shares at a range of $4 to $7. It originally planned to offer 5 million shares at $5 to $7, before revising the terms in January. At the midpoint of the revised range, YanGuFang International Group will raise 35% less in proceeds than previously anticipated.
The company primarily engages in the production, research and development, and sales of oat and grain products through its direct salesforce and distribution network throughout various regions in China. Its product portfolio includes oatmeal, oat flour, oat bran, and oat nutrient and health series products (oat peptide series, dietary fiber powder, and oat toothpaste), among others. YanGuFang has operations in Beijing, Shanghai, Jiangsu, Zhejiang, Fujian, Guangdong, Inner Mongolia, Anhui, and Chongqing, and expanded international sales to the US in October 2022.
YanGuFang International Group was founded in 2012 and booked $36 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol YGF. EF Hutton is the sole bookrunner on the deal.
