Credit: Shutterstock photoFuling Global, a Chinese producer of disposable plastic cutlery and other food service products, raised $25 million by offering 5.0 million shares at $5.00 per share.
The company had originally planned to raise $30 million in late September by offering 5.0 million shares at a range of $5-7, but it delayed the offering and disclosed a target price of $5.00. At that price, Fuling Global commands a market cap of $83 million.
The company supplies four of the five largest US fast food restaurant chains: Wendy's, McDonald's, Subway and Burger King.
The IPO was marketed as a best-efforts offering, and will therefore not be included in our IPO stats.
Fuling Global plans to list on the Nasdaq under the symbol FORK. Burnham Securities acted as lead manager on the deal.
The article FORK IPO works: Fuling Global prices $25 million IPO at $5.00 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
