Fortune Valley Treasures, a distributor of alcohol and other food and beverage products in China, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Dongguan, China-based company now plans to raise $6 million by offering 1.5 million shares at $4. The company had most recently filed to offer 3.8 million shares at the same price; it originally planned to offer 6.3 million shares. At the revised terms, Fortune Valley Treasures will raise 60% less in proceeds than previously anticipated. The company is currently listed on the OTC Pink under the symbol FVTI, and closed Monday at $3.95.
Fortune Valley is primarily engaged in the wholesale distribution and retail sale of wine and liquor products in Southern China. The company operates through online and offline channels, selling to national and regional wholesalers, major food and beverage chains, supermarkets, and other retailers. It purchases, supplies, distributes, and sells alcohol and non-alcohol beverages, packaged staple foods, and household drinking water related purification devices.
Fortune Valley Treasures was founded in 2011 and booked $7 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol FVTI. Joseph Stone Capital is the sole bookrunner on the deal.
