3 E Network Technology Group, a Chinese provider of software primarily for property and restaurant management applications, lowered the proposed deal size for its upcoming IPO on Monday.
The Guangzhou, China-based company now plans to raise $6 million by offering 1.2 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, 3 E Network Technology Group will raise 60% less in proceeds than previously anticipated.
3 E Network Technology is a business-to-business IT business solutions provider. Operating through its PRC subsidiaries, the company's two main lines of business are software development and exhibition and conference. It offers integrated software solutions for a variety of industries and sectors, including food establishments, real estate, exhibition & conferencing, and clean energy utilities, though its main products under its custom software solutions offering include software products developed for property and restaurant management companies.
3 E Network Technology Group was founded in 2017 and booked $4 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol EEET. Boustead Securities is the sole bookrunner on the deal.
