Park Ha Biological Technology, which sells skincare and cosmetic products in China, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Wuxi, 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 1.2 million shares at a range of $5 to $7. At the midpoint of the revised range, Park Ha Biological Technology will raise -17% less in proceeds than previously anticipated and command a market value of $131 million.
Operating through a combination of directly-owned stores and a growing network of franchisees across China, Park Ha's product line ranges from basic skin physical protection, exfoliation, and sebum film repairing to surface microecological balance and anti-aging. This includes nearly 200 items across 18 series focused on solutions for problematic skin.
Park Ha Biological Technology was founded in 2016 and booked $2 million in sales for the 12 months ended April 30, 2024. It plans to list on the Nasdaq under the symbol PHH. Dawson James and EF Hutton are the joint bookrunners on the deal.
