EShallGo, which sells and leases office equipment in China, lowered the proposed deal size for its upcoming IPO on Friday.
The Shanghai, China-based company now plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at the same range. At the midpoint, EShallGo will raise 50% less in proceeds than previously anticipated.
Through its VIE and operating company Junzhang Shanghai, the company engages in office supply sale & leasing and after-sale maintenance & repair, serving as a dealer for nearly all the globally known office supply brands in China. It has established 155 service points with more than 1,000 technicians.
EShallGo was founded in 2015 and booked $17 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol EHGO. Tiger Brokers and Kingswood Capital Markets are the joint bookrunners on the deal.
