ReTo Eco-Solutions Inc, a China-based manufacturer and distributor of eco-friendly construction materials, has raised $14 million in its initial public offering (IPO) on Nasdaq on Wednesday (November 29).
Trading under the ticker symbol RETO, the company offered 2.8 million shares at $5 apiece, within the range of $4.50 to $5.50, according to IPO investment manager Renaissance Capital.
The Beijing-based company finished its first trading day at $10.57, a 111 per cent gain although volume was especially low at just 0.3 million shares.
ViewTrade Securities Inc acted as the sole book-running manager for the deal.
The offering is expected to close on Friday (December 1), subject to customary closing conditions.
Founded in 1999, Reto’s eco-friendly construction materials such as aggregates, bricks, pavers and tiles, are made from mining waste (iron tailings) and fly-ash, as well as equipment used for their production.
The company also claims to provide a full range of eco-friendly project solutions, including consultation, design, project implementation and construction, relating to all stages of sponge-city projects for customers.
Reto’s clients are located in mainland China and internationally, including Canada, the US, Mongolia, Middle East, India, South Asia, North Africa, and Brazil.