INNO HOLDINGS, which manufactures cold-formed steel framing for the construction industry, filed on Wednesday with the SEC to raise up to $10 million in an initial public offering. While INNO had a placeholder of $100 million in its S-1, Renaissance Capital was able to confirm that the company plans to raise $10 million.
INNO HOLDINGS is a manufacturer of cold-formed-steel members and offers a full range of services required to transform raw materials into precise steel framing products and prefabricated homes. The company serves commercial, residential, and industrial customers, and its finished products and cold-formed steel members are used in a variety of building types. INNO uses a B2B sales model for its cold-formed steel-framing business, and its main customers are developers, builders, and contractors. For prefabricated home products, INNO expects to use either a B2B or B2C sales model.
The Brookshire, TX-based company was founded in 2019 and booked $3 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol INHD. INNO HOLDINGS filed confidentially on February 7, 2023. AC Sunshine Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
