Happiness Biotech Group, a China-based provider of dietary supplements used in traditional Chinese medicine, raised $11 million by offering 2.0 million shares at $5.50, as filed. At the offer price, the company commands a market value of $138 million (LTM P/E of 7.9x).
Happiness Biotech Group booked $61 million in sales during the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol HAPP. Univest Securities acted as a lead manager on the deal.
