Fuxing Group filed an initial public offering (IPO) application with the US Securities and Exchange Commission (SEC) on Tuesday.
The Zhitong Finance App learned that Chinese zipper manufacturer Fuxing Group submitted an initial public offering (IPO) application to the US Securities and Exchange Commission (SEC) on Tuesday. The company plans to raise $9 million by issuing 2 million shares at a price of $4.00 to $4.50 per share. Based on the median value of the proposed issue price range, the market value of Fuxing Group will reach 82 million US dollars. The company's shares are currently listed on the Singapore Exchange.
According to the company's website, Fuxing Group is a modern large-scale comprehensive enterprise group mainly in the zipper industry, involved in bleaching, hardware electroplating, and yarn dyeing and weaving. The Group is headquartered in Jinjiang, China.
Fuxing Group's revenue for the 12 months ended September 30, 2023 was US$109 million. The company plans to list on Nasdaq under the ticker symbol “FFFZ.” Boustead Securities was the sole bookkeeper for the deal.