Wing Yip Food Holdings Group, which processes and sells meat products in China, lowered the proposed deal size for its upcoming IPO on Tuesday. The company is currently listed on the Korea Exchange under the symbol "900340."
The Zhongshan, China-based company now plans to raise $9 million by offering 2 million ADSs at a price range of $4 to $5. The company had previously filed to offer 2.5 million ADSs at the same range. At the revised deal size, Wing Yip Food Holdings Group will raise 20% less in proceeds than previously anticipated and command a market value of $225 million (-1% vs. most recent terms).
Through operating subsidiaries in mainland China, the company engages in the processing, sale, and distribution of cured meat products, snack products, and frozen meat products. Wing Yip's products are currently primarily marketed and sold across 18 provinces in mainland China through seven self-operated stores, 72 distributors consisting of retail outlets and supermarkets, and seven e-commerce platforms, including one company-owned platform.
Wing Yip Food Holdings Group was founded in 1915 and booked $137 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol WYHG. Dawson James and EF Hutton are the joint bookrunners on the deal.
