J-Star Holding, a Taiwan-based maker of carbon fiber parts for bicycles, rackets, and other goods, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Taichung, Taiwan-based company now plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. The company had previously filed to offer 4 million shares at the same range. At the midpoint, J-Star Holding will raise 38% less in proceeds than previously anticipated.
Operating under the name YMA, the company produces carbon reinforcement and resin systems, which it uses in variety of lightweight, high-performance carbon composite products. J-Star Holding primarily generates revenue through sales of bicycle parts and racket parts, as well as other products including structural parts for automobiles, sporting goods, and healthcare products.
J-Star Holding was founded in 1970 and booked $39 million in sales for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol YMAT. Maxim Group LLC and Freedom Capital Markets are the joint bookrunners on the deal.
