Traditional Chinese sausage brand Rongye Food lowers the size of its US IPO, aiming to raise $9 million
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Rongye Food plans to downsize its US IPO to $9 million, a 20% reduction from the original plan. The company will issue 2 million American Depositary Shares (ADS) at a price of $4-5 per share. Rongye Food is mainly engaged in the processing and sales of pickled meat products and frozen foods, with sales primarily conducted through offline channels in mainland China. The company has a long history of development, and financial data shows that as of June 30, 2024, its revenue is approximately $137 million
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