Addentax Group, which manufactures textiles and garments and provides logistics services in China, revised terms ahead of an initial public offering that could raise up to $10 million.
The Shenzhen, China-based company plans to raise $10 million by offering 2 million shares at a price of $5. At that price, Addentax Group would command a fully diluted market value of $137 million. The company's shares are currently listed on the OTC (ATXG) and the as-converted last close was $89.75.
The company originally filed for an IPO in April 2019, but until now the deal had been marketed on a best efforts basis, which made it ineligible for Renaissance Capital tracking.
Addentax Group was founded in 2014 and booked $10 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol ATXG. Network 1 Financial Securities is the sole bookrunner on the deal.
