Fuxing China Group, a Chinese producer of zipper sliders and chains, lowered the proposed deal size for its upcoming IPO on Wednesday. The company's shares are currently listed on the Singapore Exchange.
The Jinjiang, China-based company now plans to raise $5 million by offering 1 million ADSs at a price range of $4 to $6. The company had previously filed to offer 2 million shares at a range of $4 to $4.50. At the midpoint of the revised range, Fuxing China Group will raise -41% less in proceeds than previously anticipated and command a market value of $9 million (-89% vs. original terms).
If the company has a market cap of less than $50 million at pricing, Fuxing China Group will be excluded from Renaissance Capital's 2024 IPO stats.
Through its operating subsidiaries in China and Hong Kong, the company produces and sells zipper sliders and zipper chains, trades of textile raw and auxiliary materials used in zipper production, and provides zipper processing services. The company states that it has a diversified customer base of over 1,600 customers in China, including brands like Anta and Northpole China.
Fuxing China Group was founded in 1993 and booked $106 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol FFFZ. Boustead Securities is the sole bookrunner on the deal.
