Chanson International, which operates a chain of bakeries located in China and New York City, raised $14 million by offering 3.4 million shares at $4, the low end of the range of $4 to $6. The company offered 0.4 million fewer shares than anticipated. It originally planned to offer 3 million shares before revising the terms in February.
The company has a market cap of less than $50 million at pricing. As a result, Chanson International will be excluded from Renaissance Capital's 2023 IPO stats.
Chanson manufactures and sells a wide selection of bakery products, seasonal products, and beverage products. The company distributes goods through its network of 33 stores in Xinjiang, China, and New York City, with a goal of opening three to five new stores in China annually and eight new stores in the US over the next five years. As of December 2022, Chanson 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 plans to list on the Nasdaq under the symbol CHSN. EF Hutton acted as sole bookrunner on the deal.
