Caviar supplier Fuyuan Group (TWG.US) applies for listing in the United States, aiming to raise $10 million in funds.

Hong Kong-based caviar supplier Fuyuan Group (TWG.US) submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Tuesday. The company plans to issue 2 million shares of stock at a price between $4 and $6 per share, raising $10 million. Based on the midpoint of the proposed price range, Fuyuan Group's market value will reach $145 million. Fuyuan Group is a high-end caviar product supplier. The company has signed an exclusive supply agreement with Fujian Aoxuanlaisi Biotechnology, the agent and exclusive distributor for a mature sturgeon farm in Fujian, China. Fuyuan Group mainly serves foodservice distributors, offering its own branded and unlabeled caviar products. The company's caviar products are primarily sold in Hong Kong, with a significant portion being exported overseas. Established in 2009, Fuyuan Group had sales of $12 million for the 12-month period ending on June 30, 2023. The company plans to list on Nasdaq with the ticker symbol TWG. The application was confidentially submitted on May 17, 2023. Yingke Securities and Revere Securities are the joint bookrunners for this transaction.