Huake Holding Biology, which makes camellia seed oil products in China, withdrew its plans for an initial public offering on Tuesday. It had filed to raise $6 million by offering 1.3 million shares at a price range of $4 to $6.
Because the company was expected to have a market cap of less than $50 million at listing, Huake Holding Biology will be excluded from Renaissance Capital's IPO stats.
The Lu'an, China-based company was founded in 2011 and booked $19 million in revenue for the 12 months ended March 31, 2023. It had planned to list on the Nasdaq under the symbol HUAK. EF Hutton was set to be the sole bookrunner on the deal.
