04:31 AM EDT, 10/23/2024 (MT Newswires) -- Li Bang International said late Tuesday it priced its initial public offering of about 1.5 million ordinary shares at $4 per share for expected gross proceeds of about $6.1 million.

The shares have been approved for listing on the Nasdaq Capital Market and are expected to start trading on Wednesday under the ticker symbol "LBGJ."

The commercial kitchen equipment company granted the underwriters a 45-day option to buy up to an additional 228,000 ordinary shares. The offering is expected to close on or about Thursday.

The company said it plans to use the net proceeds for plant construction, equipment procurement, advertising and marketing, research and development and general working capital.