Core Viewpoint - Li Bang International Corporation Inc. successfully closed its initial public offering, raising a total of US$6.08 million by selling 1,520,000 ordinary shares at a price of US$4.00 per share, with trading commencing on October 23, 2024 under the ticker symbol "LBGJ" [1][2]. Group 1: Offering Details - The initial public offering consisted of 1,520,000 ordinary shares priced at US$4.00 each, generating gross proceeds of US$6.08 million before expenses [1]. - The underwriters were granted a 45-day option to purchase an additional 228,000 ordinary shares, which is 15% of the shares sold in the offering [1][2]. - The offering was conducted on a firm commitment basis, with Craft Capital Management LLC as the representative of the underwriters and EF Hutton LLC as the co-underwriter [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated for various purposes, including plant construction, equipment procurement, advertising and marketing, research and development, and general working capital [2]. Group 3: Company Overview - Li Bang International Corporation Inc. specializes in the design, development, production, and sale of stainless steel commercial kitchen equipment in China, operating under its own "Li Bang" brand [5]. - The company aims to provide comprehensive services, from the initial design of commercial kitchen appliances to installation and after-sales maintenance, with a commitment to innovation and high quality [5]. - The long-term vision of the company is to establish itself as a household name synonymous with its products [5].
Li Bang International Corporation Inc. Announces Closing of Initial Public Offering