3 E Network Technology Group, a Chinese provider of software focused on property and restaurant management applications, has reduced the size of its upcoming IPO. Originally planning to offer 3 million shares, the company will now offer 1.2 million shares at a price range of $4 to $6 in order to raise $6 million, 60% less than previously anticipated. Founded in 2017, 3 E Network Technology Group serves as a business-to-business IT solutions provider in China, offering software development and exhibition and conference services through its PRC subsidiaries.
The company’s software solutions cater to various industries such as food establishments, real estate, exhibition & conferencing, and clean energy utilities. Its main products are custom software solutions for property and restaurant management companies. With $4 million in revenue for the 12 months ending December 31, 2023, 3 E Network Technology Group plans to list on the Nasdaq under the symbol EEET, with Boustead Securities as the sole bookrunner for the deal.
This adjustment in the IPO size reflects the company’s revised fundraising goals and strategic decision-making. Despite the decrease in size, 3 E Network Technology Group remains committed to providing innovative software solutions for its clients in China and beyond, aiming to further expand its presence and offerings in the competitive IT business solutions market.
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