July 29, 2010

China's Tianli Agritech closes IPO

China's Tianli Agritech Inc, a hog breeding company based in Wuhan, China, has closed its initial public offering (IPO) of two million common shares at US$6.00 per share.

The common shares began trading on July 20 under the ticker symbol "OINK" on the Nasdaq Global Market.

Of the two million common shares sold in the offering, all of the shares were sold by Tianli Agritech, Inc.

Anderson & Strudwick, Inc. acted as the lead placement agent for the offering and together with six other broker-dealers placed the maximum offering size of two million shares with a total of about 920 primarily retail accounts.

Proceeds from the offer will be use to build or buy hog farms to increase capacity, as well as to buy hogs and establish retail shops in Wuhan, China.

Tianli's sales jumped 74% in 2009 from a year earlier as its profit nearly doubled.