Jowell Global, a Chinese direct sales company offering beauty and home goods under the Longrich brand, raised $26 million by offering 3.7 million shares at $7, as expected. At pricing, the company commands a market value of $174 million.
Jowell Global sells cosmetics, health products, nutritional supplements, and household goods in China, primarily under its Longrich brand (90% of 1H20 sales). The company has over 1 million registered members, and in 2020 saw 90,773 customer-placed orders on the platform. Jowell sells to customers directly, as well as wholesale offline through a network of independent authorized retailers, who receive incentives for greater purchases. At year-end there were 24,513 such retailers in 31 provinces of China.
Jowell Global plans to list on the Nasdaq under the symbol JWEL. Network 1 Financial Securities acted as lead manager on the deal.
