Chinese oat products maker YanGuFang International (YGF) has downsized a proposed US initial public offering by 37% to $19M.
YanGuFang said in a filing that it is now considering offering 3.5M shares priced between $4 and $7, which would raise around $19M if priced at the midpoint.
The company hopes to list its shares on Nasdaq under the symbol YGF. EF Hutton is serving as lead bookrunner.
In a filing made in September, YanGuFang said that it was looking to offer 5M shares priced between $5 and $7, which would have raised $30M if priced at the midpoint.
Based in Shanghai but incorporated in the Cayman Islands, YanGuFang operates through subsidiaries and variable interest entities, or VIEs, in China. The company is a producer and marketer of food and personal health products made from oats and grain. It markets its products primarily in China, but is looking to expand internationally, with a US launch planned for late 2022.
The company has been profitable. For the fiscal year ended June 30, YanGuFang reported a net income of $6M on revenue of $36M.
For more on YanGuFang, check out Donovan Jones’s “YangGuFang International Readies $30M US IPO.”
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