Qilian International Holding, a Chinese producer of traditional medicines, chemicals, and fertilizers, raised the proposed deal size for its upcoming IPO on Friday.
The Jiuquan, China-based company now plans to raise $30 million by offering 5 million shares at a price range of $5 to $7. The company had previously filed to offer 4 million shares at the same range. At the midpoint, Qilian International Holding will raise 25% more in proceeds than previously anticipated to command a market value of $210 million.
Qilian International Holding was founded in 2006 and booked $47 million in revenue for the 12 months ended March 31, 2020. It plans to list on either the Nasdaq or the NYSE American under the symbol QLI. Univest Securities and Loop Capital Markets are the joint bookrunners on the deal.
