Happiness Biotech Group Limited (Xingfu Lai – 幸福来), a Chinese nutraceutical and dietary supplements producer, made its public debut on Nasdaq Capital Market on Friday under the symbol HAPP.
The deal involved 2 million ordinary shares at a price of 5.50 U.S. dollars per share, according to the company’s latest prospectus.
The company expects to receive aggregate gross proceeds of 11 million dollars from its initial public offering before fees. The company has granted the underwriters a 45-day option to purchase up to an additional 300,000 ordinary shares.
In the past 15 years, the company has established a product portfolio consisting of 32 kinds of nutraceutical and dietary supplements products, said the prospectus.
The nutraceutical producer’s revenue reached over 63.9 million dollars for the year ended March 31, an increase of 4 percent compared with that of the year ended March 31, 2018.
Shares of Happiness Biotech declined 1.00 dollar, or over 18.18 percent, to settle at 4.5 dollars apiece around market close. (Source: xinhuanet.com)