Fu Xing Group (FFFZ.US) lowers IPO size, fundraising amount will decrease by 41% to $5 million.

Chinese zipper manufacturer Fuxing Group (FFFZ.US) has lowered the proposed size of its IPO. The company now plans to issue 1 million American Depositary Shares (ADS) at a price of $4-6 per share, raising $5 million. The company had previously applied to issue 2 million shares of stock at a price of $4-4.5 per share. Based on the revised midpoint of the offering price range, Fuxing Group's fundraising amount will be reduced by 41% from previous expectations, with a market value of $9 million. Fuxing Group reported annual revenue of $106 million as of March 31, 2024. The company plans to list on the Nasdaq under the ticker symbol "FFFZ". Boustead Securities is the sole book-running manager for this transaction. The company's stock is currently listed on the Singapore Exchange. According to the company's website, Fuxing Group is a modern large comprehensive enterprise group mainly engaged in the zipper industry, as well as dyeing, hardware plating, and yarn dyeing and weaving. The group is headquartered in Jinjiang City, China. The company claims to have over 1,600 customers in China, including Anta Sports.