Chinese food maker Zhongpin has closed its previously announced public stock offering.
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As of 15 October, the company’s offering of 4,000,000 shares of common stock, and the sale of an additional 600,000 shares of common stock at the public offering price of US$13.25 per share pursuant to the over-allotment option, closed.
The exercise of the over-allotment option brings the total number of shares sold by Zhongpin in this public offering to 4,600,000 shares and the total gross proceeds to $60.95m. The aggregate net proceeds received by the company totalled around $56m, after deducting underwriting discounts, commissions and offering expenses payable by the company.
Zhongpin intends to use the net proceeds from the offering to fund expansion plans, to repay short-term indebtedness and for working capital and general corporate purposes.
Piper Jaffray & Co. acted as the sole book-running manager for the offering and Susquehanna Financial Group acted as co-manager.
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By GlobalData
