04:23 AM EDT, 10/17/2024 (MT Newswires) -- Oriental Rise Holding Limited said late Wednesday it priced an initial public offering of about 1.8 million ordinary shares at $4 apiece, for expected gross proceeds of $7 million.

The supplier of tea products in mainland China granted the underwriter a 45-day option to purchase up to 262,500 additional shares.

Oriental intends to use the proceeds to settle payments related to certain contractual agreement rights of tea gardens. The funds will also be used to construct a production plant and purchase equipment, among other things.

The ordinary shares will likely begin trading on the Nasdaq Capital Market this Thursday under the "ORIS" ticker.

The offering is expected to close on Friday.