SHENZHEN, CHINA — Chinese pet food manufacturer Gambol Pet Group went public on the Shenzhen Stock Exchange on Aug. 16. The company issued 40,004,500 shares for RMB 39.99 ($5.49 USD) per share, raising an estimated RMB 1.6 billion ($219.7 million USD).
Founded in 2006, Gambol Pet is involved in the R&D, production and sales of pet food products, offering a suite of foods for dogs and cats. Originally the company served as an OEM/ODM supplier for the industry, but in 2013, it established its own pet food brand, Myfoodie.
Chinese private equity firm Legend Capital invested in the company in 2019 and 2020, providing Gambol Pet with value-added services, including supply chain resources, sales channel connections, financial and legal compliance and more. These investments enabled the company to further expand its business.
“With the continuous improvement of people’s living standards, more and more people are getting emotionally attached to pets,” said Raymond Chen, co-chief investment officer of Legend Capital. “The pet industry in China is in its early stages and enjoys broad prospects for future development. Gambol Pet adheres to continuous innovation and emphasizes proprietary brands. Through independent R&D and product innovation, it has formed its core brand, Myfoodie, which surpassed many imported brands and helped Gambol Pet consolidate its leading position in the pet food industry.”
With the Chinese pet food market witnessing rapid growth, Gambol Pet has become one of the leading companies in the industry, according to Legend Capital. The company adheres to its own concept of “Global Vision, Continuous Innovation,” seeking to offer nutritious and healthy pet foods that also meet consumer demand.
“Gambol Pet will take the listing as an opportunity to firmly grasp the strategic window of the rapid development of the pet industry in China,” said Qin Hau, chairman and chief executive officer of Gambol Pet. “We will adapt to the changes and dynamic trends in pet culture, consumer upgrades and consumption concepts, and continue increasing our products’ market share in domestic and overseas markets.
“Simultaneously, by continuing to accelerate our global expansion and build our global advantages in technologies, talents, markets and supply chains, we will keep moving forward and strive to become a highly innovative international enterprise with substantial growth, as well as a leading player in the global pet food industry,” he added.
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