Fuling Global, a Chinese producer of disposable plastic cutlery and other food service products, has set a price of $5.00 per share for its upcoming IPO. It is expected to raise $25 million by offering 5.0 million shares at $5.00 per share.
The company had originally planned to raise $30 million in late September by offering 5.0 million shares at a range of $5-7, but it delayed the offering and disclosed a target price of $5.00. At that price, Fuling Global would command a market cap of $83 million.
The company supplies four of the five largest US fast food restaurant chains: Wendy's, McDonald's, Subway and Burger King.
The IPO was marketed as a best-efforts offering, and will therefore not be included in our IPO stats.
Fuling Global plans to list on the Nasdaq under the symbol FORK. Burnham Securities acted as lead manager on the deal.
