Fenbo Holdings, a Hong Kong-based manufacturer of electrical hair styling products, filed on Monday with the SEC to raise up to $5 million in an initial public offering.
The company plans to raise $5 million by offering 1 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Fenbo Holdings would command a market value of $55 million.
If the company raises less than $5 million or has a market cap of less than $50 million at pricing, Fenbo Holdings will be excluded from Renaissance Capital's 2023 IPO stats.
Through its operating subsidiaries, Fenbo makes personal care electric appliances, acting as both an original equipment manufacturer (OEM) and original design manufacturer (ODM). It primarily generates revenue from flat irons and hair straighteners, and curling wands and irons. Its manufacturing subsidiary in Guangdong is capable of producing over 3 million units annually. Since 2006, the company has served as an OEM for Spectrum Brands and its sole customer, producing electrical hair styling products under the "Remington" brand, which are currently sold in Europe, the US, and Latin America.
Fenbo Holdings was founded in 1993 and plans to list on the Nasdaq under the symbol FEBO. The company filed confidentially on December 16, 2022. EF Hutton is the sole bookrunner on the deal.
