Fuling Global, a Chinese producer of disposable plastic cutlery and other food service products, announced terms for its IPO on Monday.
The Wenling, China-based company plans to raise $30 million by offering 5.0 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Fuling Global would command a market value of $100 million. In its latest amendment, the company also changed its ticker symbol, replaced its CFO and provided updated financial results as of June 30, 2015.
Another Chinese manufacturer, Sole Elite Group (SOLE), filed terms to raise $33 million at a valuation of nearly $200 million in a September IPO.
Fuling Global, which was founded in 1992 and booked $91 million in sales for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol FORK. Burnham Securities is the sole bookrunner on the deal. It is expected to begin trading during September 2015. Fuling Global is marketed as a best-efforts offering, and will therefore not be included in our IPO stats.
