Golden Heaven Group Holdings, which operates six amusement and water parks across southern China, lowered the proposed deal size for its upcoming IPO on Thursday.
The Nanping, China-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 6 million shares at the same range. At the midpoint, Golden Heaven Group Holdings will raise 67% less in proceeds than previously anticipated. The IPO float is now just 3.8% of basic shares outstanding.
Through its Chinese operating entities, Golden Heaven Group manages and operates six amusement parks, water parks, and complementary recreational facilities across the south of China. The company's parks collectively contain 139 rides and attractions, and during the FY22, guest visits totaled 2.4 million.
Golden Heaven Group Holdings was founded in 2008 and booked $42 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol GDHG. Revere Securities and R.F. Lafferty & Co. are the joint bookrunners on the deal.
