3 E Network Technology Group, a Chinese software provider for property and restaurant management applications, has lowered the size of its upcoming initial public offering (IPO). The company, headquartered in Guangzhou, China, is now seeking to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. This represents a decrease from their initial plan of raising $12 million with 3 million shares at the same price range.
At the midpoint of the new offering, 3 E Network Technology Group will raise 60% less in proceeds compared to what was previously anticipated. The company provides integrated software solutions for various industries such as food establishments, real estate, exhibition and conferencing, and clean energy utilities. Their main products under the custom software solutions offering are designed for property and restaurant management companies.
Founded in 2017, 3 E Network Technology Group reported $4 million in revenue for the 12 months ending December 31, 2023. The company plans to list on the Nasdaq under the symbol EEET with Boustead Securities serving as the sole bookrunner on the deal.
