Fuxing China Group, a Chinese producer of zipper sliders and chains, filed on Tuesday with the SEC to raise up to $9 million in an initial public offering. The company's shares are currently listed on the Singapore Exchange.
The Jinjiang, China-based company plans to raise $9 million by offering 2 million shares at a price range of $4.00 to $4.50. At the midpoint of the proposed range, Fuxing China Group would command a market value of $82 million.
Through its operating subsidiaries in China and Hong Kong, the company produces and sells zipper sliders and zipper chains, trades of textile raw and auxiliary materials used in zipper production, and provides zipper processing services. The company states that it has a diversified customer base of over 1,600 customers in China, including brands like Anta and Northpole China.
Fuxing China Group was founded in 1993 and booked $109 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol FFFZ. Boustead Securities is the sole bookrunner on the deal.
