Aixin Life International, which sells nutritional and wellness products in China, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2023. Aixin Life International is currently listed on the OTC (AIXN).
The Chengdu, China-based company now plans to raise $7 million by offering 1.8 million shares at $4. The company had previously filed to offer 6.3 million shares at the same price. At the revised terms, Aixin Life International will raise 72% less in proceeds than previously anticipated.
The company states that it manufactures and sells premium-quality nutritional products and wellness supplements, including herbs and greens, traditional Chinese remedies, probiotics, and foods and drinks. It also offers products purchased from third parties in each of its 13 pharmacies located in Chengdu, China, and provides advertising and marketing services to its clients. In 2021, Aixin Life International acquired a hotel located in Chengdu that features 108 guest rooms and other supporting facilities.
Aixin Life International was founded in 2001 and booked $3 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol AIXN. Network 1 Financial Securities is the sole bookrunner on the deal.
