Chinese medicine product distributor Henghong Technology (HCPC.US) has raised its IPO scale and plans to raise $33 million.

According to Zhichun Finance APP, China-based traditional Chinese medicine product distributor Henghong Technology (HCPC.US) announced on Monday that it has increased the proposed size of its upcoming IPO. The company, headquartered in Chengmai County, China, now plans to issue 5 million shares at a price of $6 to $7 per share, aiming to raise $33 million. Previously, the company had filed to issue 2 million shares at a price of $4 to $6 per share. Based on the midpoint of the revised price range, Henghong Technologys raised funds will exceed previous expectations by 225%, giving it a market value of $163 million.