Li Bang International, a Chinese commercial kitchen equipment producer, announced terms for its IPO on Friday.
The Jiangyin, China-based company plans to raise $25 million by offering 5 million shares at $5. At the proposed price, Li Bang International would command a market cap of $110 million.
The firm manufactures commercial kitchen equipment in China under the “Li Bang” brand. Through its subsidiaries, Li Bang also offers services such as commercial kitchen design, equipment installation, and after-sales maintenance. Li Bang's customer base consists of international hotels, companies, public institutions, educational institutions, hospitals, and other facilities.
Li Bang International was founded in 2007 and booked $15 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol LBGJ. Univest Securities is the sole bookrunner on the deal.
