Tungray Technologies, which provides customized industrial manufacturing services in Singapore and China, raised $5 million by offering 1.25 million shares at $4, the low end of the range of $4 to $6.
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 (76% of 1H23 revenue), direct drive and linear direct current motors (11%), and induction welding equipment manufacturing (13%). Its customers include OEMs in the printer and electronics sectors in Singapore, and home appliance sector in China.
Tungray Technologies plans to list on the Nasdaq under the symbol TRSG. US Tiger Securities (Tiger Brokers) acted as sole bookrunner on the deal.
