Oriental Rise Holding Limited announced the pricing of its initial public offering (IPO) on October 16, 2024. The company priced 1,750,000 ordinary shares at a public offering price of $4 per ordinary share, generating total gross proceeds of $7 million before deducting underwriting discounts and offering expenses.
The company granted the underwriter an option, exercisable within 45 days, to purchase up to an additional 262,500 ordinary shares at the public offering price. The ordinary shares were expected to commence trading on the Nasdaq Capital Market under the ticker symbol 'ORIS' on October 17, 2024.
Oriental Rise intends to use the proceeds from the offering for several key initiatives. These include the settlement of outstanding amounts for the acquisition of contractual agreement rights for some existing tea gardens, the establishment and construction of a new production plant, the acquisition of new machinery and equipment, and general corporate purposes and working capital.
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