3 E Network Technology Group, a Chinese company that specializes in software for property and restaurant management applications, has announced a decrease in the size of its upcoming IPO. Originally planning to offer 3 million shares at a price range of $4 to $6, the company has now reduced the deal size to 1.2 million shares in an effort to raise $6 million. This represents a 60% decrease in proceeds compared to its previous plans.
Founded in 2017, 3 E Network Technology Group is based in Guangzhou, China and is a business-to-business IT solutions provider with two main lines of business: software development and exhibition and conference services. The company offers integrated software solutions across various industries, including food establishments, real estate, exhibition & conferencing, and clean energy utilities. Its primary products are custom software solutions designed for property and restaurant management companies.
In the past year, 3 E Network Technology Group reported $4 million in revenue for the 12 months ending on December 31, 2023. The company intends to list on the Nasdaq under the symbol EEET, with Boustead Securities serving as the sole bookrunner for the IPO.