Chinese fertilizer producer Muliang Agritech files for a $12 million Nasdaq IPO
Dec. 11, 2019
The company originally filed for an IPO in June 2019, but until now the deal had been marketed as a min-max offering, which made it ineligible for Renaissance Capital tracking.
It currently trades by appointment only on the OTCQB ("MULG") and last closed at $7 per share, giving it a market cap of $261 million. The company would command a $187 million market cap based on the indicated sale price of selling shareholders ($5 per share), who have registered for an additional $42 million shelf offering.
The Shanghai, China-based company was founded in 2014 and booked $13 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol MULG. Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
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