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