Wunong Net Technology, which operates an online food retail store and franchise restaurants in China, filed on Thursday with the SEC for an initial public offering.
The Shenzhen, China-based company plans to raise $30 million by offering 6 million shares (17% insider)
at a price range of $4 to $6. At the midpoint of the proposed range, Wunong Net Technology Company Limited would command a market value of $125 million.
The company operates an online food retail platform that currently offers a portfolio of 352 products from a network of suppliers. Products offered include green food, organic food, intangible cultural heritage food products, agricultural products bearing geographical indications (Agri GI Products), and pollution-free products. Wunong Net Technology also plans to open franchise restaurants throughout China where customers can rent its facilities to cook and serve food purchased from the company. The company has currently launched one restaurant.
Wunong Net Technology was founded in 2018 and booked $8 million in sales for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol WNW. The company filed confidentially on December 16, 2019. Boustead Securities is the sole bookrunner on the deal.
