Muliang Viagoo Technology, a Chinese manufacturer and distributor of organic fertilizer and agricultural products, announced terms for its IPO on Wednesday. The company originally filed in December 2019 under the name Muliang Agritech.
The Shanghai, China-based company plans to raise $40 million by offering 10 million shares at a price of $4, below the last close of its shares on the OTCQB (MULG). At proposed deal size, Muliang Viagoo Technology would command a market value of $194 million.
The company primarily engages in the manufacturing and distribution of organic fertilizer and the sales of agricultural products in China. Organic fertilizer products are sold under the brand names “Zongbao,” “Fukang,” and “Muliang," while the company's wholly-owned subsidiary Viagoo, a Singapore company, is primarily focused on building a smart document, operation, and delivery platform for distribution and logistics companies.
Muliang Viagoo Technology was founded in 2014 and booked $10 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol MULG. Boustead Securities is the sole bookrunner on the deal.
