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On Thursday, Fenbo successfully completed its initial public offering (IPO), selling one million shares at a price of $5.00 each, thereby raising total gross proceeds of $5 million. The capital is earmarked to fund several strategic initiatives, including the expansion of production lines and bolstering research and development (R&D) efforts. These actions are part of Fenbo’s broader strategy to enhance their capabilities in personal care electric appliances and toys, aiming to strengthen their position in overseas markets such as Europe, the U.S., and Latin America.
The transaction was managed by EF Hutton, acting as the sole book-running manager. Legal counsel for the deal was provided by Schlueter & Associates for Fenbo and Sichenzia Ross Ference Carmel LLP for EF Hutton. As part of the IPO terms, underwriters have been granted an option to purchase up to an additional 150,000 shares within a set timeframe post-IPO for over-allotment purposes.
With the fresh injection of IPO funds, Fenbo plans to not only augment production capacity but also drive R&D innovation. The company’s focus on existing and new market territories is aligned with its goal to meet growing consumer demand while maintaining a competitive edge in its sector.
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