Chinese food packaging machinery manufacturer Kangbeite (KBAT.US) plans to raise $17 million in the US IPO, with a market value of $96 million.

Chinese food packaging machinery manufacturer Kantbe (KBAT.US) submitted an application to the US Securities and Exchange Commission on Friday, planning to raise up to $17 million through an initial public offering. The company plans to raise $17 million by issuing 3.8 million shares of stock, with an offering price range of $4 to $5 per share. Based on the proposed price range midpoint, Kantbe's market value will reach $96 million. Kantbe focuses on the design, manufacturing, and sale of customized food packaging equipment, with its products sold to domestic and international customers through mature sales and distribution channels. The company's equipment can be used for packaging cooked and raw food, pharmaceutical products, hardware components, and medical devices, among others. These equipment mainly include thermoforming vacuum packaging machines, vacuum packaging machines, gas-controlled packaging machines, and label packaging machines. Founded in Weifang, China in 2011, the company reported sales of $12 million in the 12 months ending March 31, 2025. The company plans to list on Nasdaq under the ticker symbol KBAT. Kantbe submitted a confidential filing on November 15, 2024.