Chinese biomass energy producer CN Energy seeks US IPO

NEW YORK -- CN Energy Group, which produces wood-based activated carbon and biomass energy in China, has filed for an initial public offering (IPO) on the US stock market.

The company plans to list on the Nasdaq under the symbol "CNEY," by offering 5 million shares at a price range of 4 to 5 US dollars per share, according to its prospectus filed earlier this week with the US Securities and Exchange Commission.

Founded in 2018, the company is a manufacturer and supplier of wood-based activated carbon that is primarily used in pharmaceutical manufacturing, industrial manufacturing, water purification, environmental protection, and food and beverage production, and a producer of biomass electricity generated in the process of producing activated carbon.

It intends to use the net proceeds of this offering primarily for the construction of a manufacturing facility, research and development, and other general corporate purposes.

Network 1 Financial Securities is the sole bookrunner on the deal.

As of Thursday, the S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, stood at 4,108.22, marking a 3.56-percent gain for the month-to-date returns and a 29.71-percent increase for the year-to-date returns.