Oriental Rise Holdings, a vertically-integrated tea producer in China, lowered the proposed deal size for its upcoming IPO on Monday.
The Ningde, China-based company now plans to raise $8 million by offering 2 million shares at $4. The company had previously filed to offer 3 million shares at the same price. At the revised terms, Oriental Rise Holdings will raise 33% less in proceeds than previously anticipated.
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 7.2 square kilometers of tea gardens in Fujian.
Oriental Rise Holdings was founded in 2008 and booked $25 million in revenue 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.
