Oriental Rise Holdings, a Chinese producer of tea, filed on Friday with the SEC to raise up to $16 million in an initial public offering.
The Ningde, China-based company plans to raise $16 million by offering 4 million shares (25% secondary) at a proposed price of $4. At the proposed price, Oriental Rise Holdings would command a market value of $92 million.
The company grows processed and refined white tea and black tea leaves in Fujian province, in China. Oriental Rise sells its tea to distributors and end customers in China. The company has contractual management and cultivation rights agreements for approximately 7,212 square kilometers of tea gardens in Fujian.
The Ningde, China-based company was founded in 2008 and booked $25 million in sales for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol ORIS. Tiger Brokers is the sole bookrunner on the deal.
