Luda Technology Group, a Chinese manufacturer of stainless and carbon steel flanges and fittings products, filed on Monday with the SEC to raise up to $9 million in an initial public offering.
The Hong Kong-based company plans to raise $9 million by offering 2.5 million shares at a price range of $3 to $4. At the midpoint of the proposed range, Luda Technology Group would command a market value of $79 million.
Luda is principally engaged in two lines of business: the manufacturing and sale of stainless steel and carbon steel flanges and fittings products; and the trading of steel pipes, valves, and other steel tubing products. The company's manufacturing base is located in Taian City in mainland China. Its sales network spans China and other parts of Asia, South America, Australia, Europe, and North America, with customers comprising manufacturers and traders from the chemical, petrochemical, maritime, and manufacturing industries.
Luda Technology Group was founded in 2004 and booked $53 million in sales for the 12 months ended June 30, 2023. It plans to list on the NYSE American under the symbol LUD. Pacific Century Securities is the sole bookrunner on the deal.
