China-based ReTo Eco-Solutions raises $14m via US IPO

Photo: REUTERS/Brendan McDermid/Files

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.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.