Chanson International, which operates a chain of bakeries located in China and New York City, filed on Wednesday with the SEC to raise up to $15 million in an initial public offering.
The Urumqi, China-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Chanson International would command a market value of $60 million.
Chanson manufactures and sells a wide selection of bakery products, seasonal products, and beverage products, distributing goods through its bakery chain consisting of 29 stores in Xinjiang, China and two stores in New York City. With a goal of opening three to five new stores in China annually and 10 new stores in the US during the next five years, Chanson aims to make healthy, nutritious, and ready-to-eat food while creating a comfortable store environment in which customers can enjoy its products. As of March 2021, the company had more than 190 types of bakery products and seasonal products on sale in its Chinese locations and 92 different products available in its NYC locations.
Chanson International was founded in 2009 and booked $11 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol CHSN. Chanson International filed confidentially on September 30, 2020. Univest Securities is the sole bookrunner on the deal.
