Tungray Technologies, which provides customized industrial manufacturing services in Singapore and China, lowered the proposed deal size for its upcoming IPO on Friday.
The Singapore-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, Tungray Technologies will raise 50% less in proceeds than previously anticipated.
Tungray Technologies is an engineer-to-order company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs). The company mainly generates revenues through customized industrial manufacturing solutions, direct drive and linear direct current motors, and induction welding equipment manufacturing. Its customers include OEMs in the printer and electronics sectors in Singapore, and home appliance sector in China.
Tungray Technologies was founded in 1996 and booked $13 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol TRSG. Tiger Brokers is the sole bookrunner on the deal.
