icon
icon
icon
icon
Upgrade
icon

Fuxing Group (FFFZ.US) reduced the size of its IPO, with the financing amount falling 41% to $5 million.

AInvestThursday, Aug 22, 2024 3:20 am ET
1min read

China Fasten Group (FFFZ.US), a zipper manufacturer, has lowered the proposed size of its IPO. The company now plans to issue 1 million American depositary shares (ADS) at a price range of $4-$6 per share, raising $5 million. The company previously applied to issue 2 million shares at a price range of $4-$4.5 per share. At the midpoint of the revised price range, China Fasten's proceeds would be 41% less than previously expected, at $9 million.

China Fasten's 12-month revenue through March 31, 2024 was $106 million. The company plans to list on the Nasdaq, with the stock symbol “FFFZ.” Boustead Securities is the sole bookrunner on the deal. The company’s shares are currently listed on the Singapore Exchange.

The company’s website shows China Fasten is a modern large-scale, integrated enterprise group mainly engaged in the zipper industry, with forays into dyeing, electroplating and weaving of yarns. The group’s headquarters are in Quanzhou, China. The company said it has 16,000 customers in China, including Anta.

Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.