BEIJING (dpa-AFX) - Chinese real estate services company MDJM Ltd., in a regulatory filing, announced its plans to sell 1.2 million to 1.6 million shares priced at $5 each in its initial public offering.
MDJM intends to raise $8 million a the high end of its expected IPO range. The company plans to use the proceeds to pay for marketing, new hires, to upgrade IT systems and for general working capital. At that price, MDJM expects to have a market valuation of $60 million.
Network 1 Financial Securities is sole underwriter on the offering. The company is planning to list on Nasdaq, under the ticker symbol 'MDJH'.
The company provides a range of commercial real estate services to property developers in the Tianjin Autonomous Municipality, one of the richest cities in China.
Copyright RTT News/dpa-AFX