Li Bang International, a Chinese commercial kitchen equipment producer, raised $6 million by offering 1.5 million shares at $4, below the range of $5 to $6. The company offered 0.1 million fewer shares than anticipated.
The firm manufactures commercial kitchen equipment in China under the “Li Bang” brand. Through its subsidiaries, Li Bang also offers services such as commercial kitchen design, equipment installation, and after-sales maintenance. Li Bang's customer base consists of international hotels, companies, public institutions, educational institutions, hospitals, and other facilities.
Li Bang International plans to list on the Nasdaq under the symbol LBGJ. Craft Capital Management and EF Hutton acted as joint bookrunners on the deal.
