Tony Fun, which operates retail shopping malls in China, filed on Friday with the SEC to raise up to $30 million in an initial public offering.
The Tai'an, China-based company plans to raise $30 million by offering 4.2 million shares (47% secondary) at a price range of $7.00 to $7.50. At the midpoint of the proposed range, Tony Fun would command a market value of $121 million.
The company's strategy is to lease, redevelop, and manage well-located, retail shopping malls in Tier 2, Tier 3, and Tier 4 cities, with a primary emphasis on Tier 3 and 4 cites that the company believes generate attractive risk-adjusted returns. It operates one leased property, Tony Fun Shopping Mall, which it leased and redeveloped in 2015. As of June 30, 2020, the occupancy rate of Tony Fun Shopping Mall was 81%. The company also manages two additional properties.
The Tai'an, China-based company was founded in 2012 and booked $2 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol TONY. Tony Fun filed confidentially on December 28, 2018. The company has not selected underwriters yet.
The article Chinese shopping mall operator Tony Fun files and sets terms for a $30 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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