YanGuFang International to Sell 5 Million Shares in IPO at $5-$7 Each

By Colin Kellaher

YanGuFang International Group Co. said it plans to sell five million shares at between $5 and $7 apiece in its initial public offering.

At the $8 midpoint of that range, the Shanghai-based maker and seller of oat and grain products said it expects net proceeds of about $26.8 million.

YanGuFang said it expects to use the bulk of the proceeds to build additional production facilities and buy new equipment, bolster its research-and-development activities, and expand its global business and its marketing and brands promotion.

YanGuFang said it has applied to list its shares on the Nasdaq Capital Market under the symbol YGF.

Write to Colin Kellaher at [e-mail]

(END) Dow Jones Newswires

09-06-22 0650ET