HW Electro, a Japanese retailer of electric light commercial vehicles, announced terms for its IPO on Monday.
The Tokyo, Japan-based company plans to raise $15 million by offering 3.8 million ADSs at $4. At the proposed price, HW Electro would command a fully diluted market value of $181 million.
HW Electro commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively. It has been working with Cenntro, its cooperating manufacturer, to produce them under the ELEMO brand in its Hangzhou, China factory. Since June 2023, the company has also commenced the sales of a new model called ELEMO-L, a van-type electric vehicle that could be used for commercial and recreational camping purposes.
HW Electro was founded in 2019 and booked $2 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol HWEP. Univest Securities is the sole bookrunner on the deal.
