Chanson International, which operates a chain of bakeries located in China and New York City, raised the proposed deal size for its upcoming IPO on Monday.
The Urumqi, China-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares at the same range. At the revised deal size, Chanson International will raise 25% more in proceeds than previously anticipated and command a market value of $64 million (+6% vs. original terms).
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 8 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 December 2022, the company had more than 707 types of bakery products and seasonal products on sale in its Chinese locations and 131 different products available in its NYC locations.
Chanson International was founded in 2009 and booked $16 million in sales for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol CHSN. EF Hutton is the sole bookrunner on the deal.
