CCSC Technology International Holdings, a Hong Kong-based provider of electronic interconnect products, lowered the shares offered for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Joseph Stone Capital with Revere Securities, and disclosed financials for the year ended March 31, 2023.
The Hong Kong-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint, CCSC Technology International Holdings will raise 50% less in proceeds than previously anticipated.
Through its operating subsidiaries in Hong Kong, mainland China, and the Netherlands, CCSC Technology designs, manufactures, and sells interconnect products, including connectors, cables, and wire harnesses. It specializes in customized interconnect products for a range of applications in industrial, automotive, and robotics products, among others. The company produces both OEM and ODM interconnect products for manufacturing companies and electronic manufacturing services companies. CCSC Technology's customers span more than 25 countries across Asia, Europe, and the Americas, and include names like Maersk, Philips, and Flextronics.
CCSC Technology International Holdings was founded in 1993 and booked $24 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol CCTG. Revere Securities is the sole bookrunner on the deal.
