“Mattress leader” Mousse shares have been listed for one year, and only 40% of the main investment project has been postponed

Recently, Mousse Co., Ltd. suddenly announced that the main IPO fundraising project has been postponed, and the current investment progress is only over 40%. What happened?

IPO fundraising project postponed for more than one and a half years

With the aura of "mattress leader", Mousse shares landed on the capital market on June 23, 2022, with an issue price of RMB 38.93 per share and a net proceeds of approximately RMB 1.477 billion.

Mousse Co., Ltd. is mainly engaged in the research and development, production and sales of healthy sleep systems. Its main products include mid-to-high-end mattresses, bed frames, bedding products and other products, among which mattresses are the company's core products.

In the listing prospectus, Mousse shares disclosed that there are three fund-raising investment projects, namely the East China healthy bedding production line construction project, digital marketing project and healthy sleep technology research center construction project. The East China healthy bedding production line construction project is the focus of this fundraising, and the planned investment in the raised funds accounts for more than 80% of the total.

At that time, Mousse Co., Ltd. stated that the company's existing production scale could no longer meet the needs of future scale expansion. After the project reaches production capacity, the company will increase the production capacity of 950,000 mattresses and 150,000 sets of bed frames to expand the business coverage area. , increase market share, enhance the company's competitiveness and overall anti-risk capabilities.

The project is planned to be located in Jiaxing City, Zhejiang Province. Jiaxing belongs to the one-hour traffic circle of Shanghai, Suzhou, Hangzhou and other cities. It is the most geographically advantageous area in Zhejiang Province among the urban agglomerations in the Yangtze River Delta. Upholstered furniture has been formed. Industrial clusters. Mousse shares pointed out that as a leading company in the mattress industry, the company has set up a production base here to carry out production capacity layout, which is in line with the growth path of industrial clusters.

As of June 30, 2023, a total of 645.8015 million yuan has been invested in investment projects with funds raised by Musi shares, and the unused amount is 865.2970 million yuan.

The latest announcement shows that the current investment progress of the East China healthy bedding production line construction project, which is expected to reach the scheduled usable state on May 31, 2023, has only completed 42.90% of the current investment progress.

Mousse Co., Ltd. held the 22nd meeting of the first board of directors and the 17th meeting of the first board of supervisors respectively on August 16, deliberated and approved the "Proposal on the Delay of Some Raised Fund Investment Projects", and agreed to raise funds to invest The project "East China Healthy Bedding Production Line Construction Project" has been postponed to December 31, 2024 when it reaches the scheduled usable state.

As for the reason for the delay, Moose only stated that the progress of the entire project was delayed more than expected due to the impact of the external environment during the implementation process.

or early signs

There may be early signs of the delay in raising funds to invest in projects.

In April this year, Mousse Co., Ltd. issued an announcement to use temporarily idle raised funds with a quota of no more than RMB 300 million and idle self-owned funds with a quota of no more than RMB 1 billion for cash management.

Mousse shares pointed out that the company is advancing the fundraising projects in an orderly manner in accordance with the plan for the use of raised funds. However, since the construction of investment projects with raised funds requires a certain period, according to the implementation plan and progress of the raised funds, part of the raised funds will be temporarily idle in the short term.