BEIJING (dpa-AFX) - Texxon Holding Limited (NPT), a provider of supply chain management services in the plastics and chemical industries in East China, on Wednesday announced the pricing of its initial public offering of 1.9 million shares at $5.00 per share. The shares are expected to begin trading on October 22.
The company has granted the the underwriters an option to purchase up to an additional 285,000 shares.
Texxon intends to use the proceeds of about $9.5 million from the IPO to construct a polystyrene manufacturing facility in Henan Province, including production lines, storage facilities, and supporting infrastructure. The funds will also support operations and expansion at the Henan Polystyrene Factory, upgrades to its supply chain management platform, and general working capital.
D.Boral Capital LLC is acting as the sole book-running manager for the offering, which is expected to close on or about October 23.
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