3E Network Technology Group, a Chinese provider of software primarily for property and restaurant management applications, recently lowered the proposed deal size for its upcoming IPO. The company, based in Guangzhou, China, now plans to raise $6 million by offering 1.2 million shares at a price range of $4 to $6. This is a significant reduction from its previous filing, where it had planned to offer 3 million shares at the same price range. At the midpoint of the new deal size, 3E Network Technology Group will raise 60% less in proceeds than originally anticipated.
3E Network Technology is a business-to-business IT business solutions provider that operates through its PRC subsidiaries. The company’s main lines of business include software development, exhibition, and conference services. It offers integrated software solutions for various industries, such as food establishments, real estate, exhibition & conferencing, and clean energy utilities. Among its offerings, the company specializes in custom software solutions for property and restaurant management companies.
Founded in 2017, 3E Network Technology Group reported $4 million in revenue for the 12 months ended December 31, 2023. The company plans to list on the Nasdaq under the symbol EEET, with Boustead Securities serving as the sole bookrunner on the deal.