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Li Bang International (Nasdaq: LBGJ), a Chinese stainless steel commercial kitchen equipment company, announced the full exercise of the over-allotment option by its IPO underwriters. The underwriters purchased an additional 228,000 ordinary shares at $4.00 per share, generating extra gross proceeds of $912,000. The total offering now comprises 1,748,000 ordinary shares with gross proceeds of $6.992 million. The funds will support plant construction, equipment procurement, marketing, R&D, and working capital. Trading began on Nasdaq Capital Market on October 23, 2024, under symbol LBGJ.
Li Bang International (Nasdaq: LBGJ) reported financial results for fiscal year 2024, showing a 22.9% revenue decrease to $10.8 million from $14.0 million in 2023. The company experienced a net loss of $1.4 million, compared to a net income of $0.6 million in 2023. Gross profit declined 53% to $2.7 million, with profit margin decreasing to 25.1% from 41.1%. The revenue decline was attributed to China's economic slowdown and strategic expansion into high-end hotel projects. The company recently completed its IPO on October 23, 2024, raising $6.08 million through the sale of 1,520,000 ordinary shares at $4.00 per share.
Li Bang International (Nasdaq: LBGJ), a Chinese stainless steel commercial kitchen equipment company, has completed its initial public offering. The company sold 1,520,000 ordinary shares at $4.00 per share, raising $6.08 million in gross proceeds. Trading began on October 23, 2024, under ticker LBGJ. The underwriters have a 45-day option to purchase an additional 228,000 shares. Proceeds will fund plant construction, equipment procurement, marketing, R&D, and working capital. Craft Capital Management and EF Hutton served as underwriters.
Li Bang International Inc., a Chinese stainless steel commercial kitchen equipment company, has announced the pricing of its initial public offering (IPO). The company is offering 1,520,000 ordinary shares at US$4.00 per share, aiming to raise US$6.08 million in gross proceeds. The shares are set to begin trading on the Nasdaq Capital Market on October 23, 2024, under the ticker symbol 'LBGJ'.
The IPO is expected to close around October 24, 2024. Li Bang has granted underwriters a 45-day option to purchase up to an additional 228,000 shares. Proceeds will be used for plant construction, equipment procurement, marketing, R&D, and working capital. Craft Capital Management is the lead underwriter, with EF Hutton as co-underwriter.
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