Kingtitan Technology, a Chinese provider of non-pneumatic tires, filed on Monday with the SEC to raise up to $19 million in an initial public offering.
The Yulin, China-based company plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Kingtitan Technology would command a market value of $119 million.
Through its PRC operating entity, the company is principally engaged in developing, manufacturing, and selling non-pneumatic tires. Its current product portfolio mainly comprises three types of non-pneumatic tires categorized by applications, including sanitation industry truck tires, pan-travel tires, and intelligent robot tires. In addition to selling non-pneumatic tires, the company also generates revenue by selling other products, such as tire loading machines and wheel hubs.
Kingtitan Technology was founded in 2018 and booked $1 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol KTA. The company filed confidentially on December 6, 2023. Cathay Securities is the sole bookrunner on the deal.
