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Chinese cooking oil maker Huake Holding Biology Co. (HUAK) has applied for a $25 million stake IPO on the US market.
Huake plans to offer 5 million shares at a price of $4 to $6 per share. At a mid-range price, Huake would raise about $25 million.
Underwriters have a 45-day option to purchase up to 15% additional shares to cover any over-allotments. EF Hutton is acting as sole bookrunner on the deal.
For the year ended September 30, 2021, Huake reported net income of $2.4 million on sales of $18.5 million.
Huake, a holding company incorporated in the Cayman Islands, conducts its business in China through a variable interest entity (VIE) called Aokai Fa. The company produces and markets camellia oil, a vegetable oil that is gaining popularity in China for its nutritional value.
For a deeper dive into Huake, read SA contributor Donovan Jones, “Huake Holding Finalizes US IPO Plan.”
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