Zhengye Biotechnology Holding, a Chinese provider of veterinary vaccines with a focus on livestock, raised the proposed deal size for its upcoming IPO on Thursday.
The Jilin, China-based company now plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. The company had previously filed to offer 1.25 million shares at a range of $4 to $5. At the midpoint of the revised range, Zhengye Biotechnology Holding will raise 20% more in proceeds than previously anticipated and command a fully diluted market value of $211 million and an enterprise value of $217 million.
Through its operating entity, the company focuses on the research, development, manufacturing, and sale of veterinary vaccines, with an emphasis on vaccines for livestock. Its product portfolio currently contains 43 veterinary vaccines, covering all major vaccines for livestock like swine and cattle, and it is also developing vaccines for household animals like dogs. Zhengye Biotechnology's products are available in 29 provincial regions across China and are exported overseas to Vietnam, Pakistan, and Egypt.
The primary shareholder is Zhenfa Han with a 92% post-IPO stake.
Zhengye Biotechnology Holding was founded in 2004 and booked $30 million in sales for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol ZYBT. Kingswood Capital Markets is the sole bookrunner on the deal.
