Wetouch Technology, which makes medium to large sized projected capacitive touchscreens, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the nine months ended September 30, 2023.
The Meishan, China-based company now plans to raise $24 million by offering 4 million shares at a price range of $5.00 to $7.00. The company had previously filed to offer the same number of shares at $11.20, the last reported sale price of its shares on the OTC (WETH) at the time. At the midpoint of the revised range, Wetouch Technology will raise 46% less in proceeds than previously anticipated.
Wetouch, through its wholly-owned subsidiaries, is engaged in the research, development, manufacturing, sales, and servicing of medium to large sized projected capacitive touchscreens. The company specializes in large-format touchscreens, which are developed and designed for a wide variety of markets and used in the financial terminals, automotive, POS, gaming, lottery, medical, HMI, and other specialized industries. Wetouch sells its touchscreen products both domestically in China and internationally, covering areas including Taiwan, South Korea, and Germany.
Wetouch Technology was founded in 1992 and booked $40 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol WETH. WestPark Capital, Craft Capital Management, R.F. Lafferty & Co., and Orientiert XYZ Securities are the joint bookrunners on the deal.
