Zhifuli, a Chinese commercial kitchen equipment manufacturer, has lowered its proposed IPO trading range. The company, based in Jiangyin, Wuxi, Jiangsu Province, China, now plans to raise $9 million by issuing 1.6 million shares at a price range of $5 to $6.

In the revised price range, at the midpoint, the amount of funds raised by Zhifuli Kitchenware will be 65% less than previously expected. The company originally planned to issue 5 million shares at a price range of $4 to $6.

Established in 2007, Zhifuli Kitchenware had revenue of $10 million as of December 31, 2023. The company plans to list on the Nasdaq under the stock code LBGJ. The sole bookrunner for the deal is WestPark Capital.