New Ruipeng Pet Group is the latest Chinese company to file for an Initial Public Offering (IPO) in the U.S. The Chinese pet services provider seeks to raise $100 million through the IPO.
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After a somber year for IPOs, we had discussed earlier this month how 2023 might turn out well for Chinese stocks that are looking to list their equity on the U.S. exchanges. Ruipeng is among the first Chinese companies to kickstart the uptrend this year.
Guided to the NASDAQ exchange by bookrunners Morgan Stanley (NYSE:MS), Credit Suisse (NYSE:CS), CICC, and UBS Investment Bank (NYSE:UBS), Ruipeng will list under the symbol RPET.
Coming to the business, Ruipeng has yet to break even. At the end of the third quarter of 2022, the company generated revenues of $607 million and had a net loss of $156 million. The company offers pet services and products in China, covering 1,942 veterinary hospitals in the country.
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