Wunong Net Technology, which operates an online food retail store and franchise restaurants in China, raised $30 million by offering 6 million shares (83% primary) at $5, within the range of $4 to $6. At pricing, the company commands 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 plans to list on the Nasdaq under the symbol WNW. Boustead Securities and Brilliant Norton Securities acted as lead managers on the deal.
