Li Bang International, a Chinese commercial kitchen equipment producer, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Jiangyin, China-based company now plans to raise $9 million by offering 1.6 million shares at a price range of $5 to $6. The company had most recently filed to offer 5 million shares at a range of $4 to $6. At the midpoint of the revised range, Li Bang International will raise 65% less in proceeds than previously anticipated.
The firm manufactures commercial kitchen equipment in China under the “Li Bang” brand. Through its subsidiaries, Li Bang also offers services such as commercial kitchen design, equipment installation, and after-sales maintenance. Li Bang's customer base consists of international hotels, companies, public institutions, educational institutions, hospitals, and other facilities.
Li Bang International was founded in 2007 and booked $10 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol LBGJ. WestPark Capital is the sole bookrunner on the deal.
