Happiness Biotech Group, a China-based nutraceutical and herbal dietary supplements producer, has announced terms for its IPO, said Renaissance Capital.
The Nanping, China-based company plans to raise US$13 million by offering 2.4 million shares. At the midpoint of the proposed range, Happiness Biotech Group would command a market value of $138 million.
Happiness Biotech Group was founded in 2004 and it plans to list on the Nasdaq under the symbol HAPP. The Chinese company researches, develops, manufactures and markets nutraceutical and dietary supplements to the residents of China.
The company Happiness Biotech has developed 32 products. From Lucidum spore powder products, Cordyceps mycelia products, Ejiao solution products, vitamins and dietary supplements products, American ginseng products, and more.
Seeking Alpha website said: “While HAPP has grown appreciably and is profitable and cash flow positive, we don't have recent numbers, so we can't tell how the firm is performing lately.”
This lack of information could be put down to trade tensions with the US, the website stated.
