Wing Yip Food Holdings Group, which processes and sells meat products in China, announced terms for its IPO on Friday. The company is currently listed on the Korea Exchange under the symbol "900340."
The Zhongshan, China-based company plans to raise $11 million by offering 2.5 million ADSs at a price range of $4 to $5. At the midpoint of the proposed range, Wing Yip Food Holdings Group would command a market value of $155 million.
Through operating subsidiaries in mainland China, the company engages in the processing, sale, and distribution of cured meat products, snack products, and frozen meat products. Wing Yip's products are currently primarily marketed and sold across 18 provinces in mainland China through seven self-operated stores, 72 distributors consisting of retail outlets and supermarkets, and seven e-commerce platforms, including one company-owned platform.
Wing Yip Food Holdings Group traces its roots to 1915 and booked $134 million in sales for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol WYHG. EF Hutton is the sole bookrunner on the deal.
