Oriental Rise Holdings, a Chinese tea product supplier, has recently announced its plan to go public with an initial public offering (IPO), as stated in the company's filing with the Securities and Exchange Commission. Specializing in the distribution of primarily processed and refined tea products in mainland China, Oriental Rise has gained recognition for its high-quality fresh, white tea.
As part of the IPO, Oriental Rise plans to offer up to 4 million shares at an expected price of $4 per share. The company intends to sell 3 million shares, while up to 1 million shares may be sold by existing shareholders. If successful, Oriental Rise will be listed on the Nasdaq Capital Market using the symbol ORIS.
In 2022, Oriental Rise recorded impressive sales of $24.3 million, with a reported profit of $11.9 million. The company anticipates net proceeds of $10.4 million from this public offering. These funds will be allocated towards various strategic initiatives, including the acquisition of tea gardens, construction of a new production plant, procurement of machinery, and general corporate purposes and working capital.
Key Shareholders and Underwriter
Chief Executive Zhuo Wang and co-founder Chun Sun Wong are notable shareholders within Oriental Rise Holdings. Additionally, US Tiger Securities will serve as the underwriter for the IPO.