Chinese Software Provider 3 E Network Technology Group Reduces IPO Proceeds by 60% Amid Market Uncertainty

3 E Network Technology Group, a Chinese software provider primarily focused on property and restaurant management applications, has decided to lower the proposed deal size for its upcoming IPO. The company, based in Guangzhou, China, now aims to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. This is a decrease from their initial plan of offering 3 million shares at the same range. At the midpoint of the new offering, 3 E Network Technology Group will raise 60% less in proceeds compared to what was previously anticipated.

Founded in 2017, 3 E Network Technology Group is a business-to-business IT solutions provider that operates through its subsidiaries in China. The company’s main lines of business include software development and exhibition and conference services. They provide integrated software solutions for various industries such as food establishments, real estate, exhibition and conferencing, and clean energy utilities. Their main products under the custom software solutions offering are software products designed for property and restaurant management companies.

The company reported $4 million in revenue for the 12 months ending December 31, 2023 and plans to list on the Nasdaq under the symbol EEET with Boustead Securities serving as the sole bookrunner on the deal.