Chinese agricultural firm Farmmi rings Nasdaq opening bell to celebrate its IPO

NEW YORK - Chinese agricultural products supplier Farmmi Inc on Monday rang the Nasdaq Stock Market opening bell in celebration of its Initial Public Offerings (IPO).

Shares of Farmmi began trading on the Nasdaq on Feb 16, 2018, under the ticker symbol "FAMI".

Farmmi priced its IPO of 1,680,000 ordinary shares at $4.00 per share for a total of $6,720,000 in gross proceeds. In addition, the company has granted the underwriters a 45-day option to purchase up to an additional 252,000 ordinary shares at the public offering price, less underwriting discounts and commissions.

ViewTrade Securities Inc, a global provider of brokerage, investment banking, corporate, advisory and trading platform services, acted as the Sole Underwriter and Sole Book-Running Manager for the offering.

"Listing on Nasdaq is a very important milestone for Farmmi, we will strive to keep growing our business scope and depth to ensure that we meet our commitment to deliver high-quality agricultural products to our customers," Yefang Zhang, chairman and chief executive officer of Farmmi, told Xinhua after the opening bell on Monday.

Headquartered in Lishui, Zhejiang, Farmmi is an agricultural products supplier and primarily processes and sells Shiitake mushrooms, Mu Er mushrooms, other edible fungi, and other agricultural products, according to the prospectus.

The company's revenues increased to $26.7 million for the year ended Sep 30, 2017 from $20.7 million for the same period a year ago, while its net income increased to $3.5 million for the year ended Sept 30, 2017 from $2.3 million a year ago.

At Monday's close, shares of Farmmi jumped 11.68 percent to $6.60 apiece.