J-Star Holding, a Taiwan-based maker of carbon fiber parts for bicycles, rackets, and other goods, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replace sole bookrunner EF Hutton with Maxim Group.
The Taichung, Taiwan-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. The company had previously filed to offer 2 million shares at the same range. At the revised deal size, J-Star Holding will raise -38% less in proceeds than previously anticipated and command a fully diluted market value of $77 million.
Operating under the name YMA, the company produces carbon reinforcement and resin systems, which it uses in variety of lightweight, high-performance carbon composite products. J-Star Holding primarily generates revenue through sales of bicycle parts (63% of 2022 revenue) and racket parts (34%), as well as other products including structural parts for automobiles, sporting goods, and healthcare products.
J-Star Holding was founded in 1970 and plans to list on the Nasdaq under the symbol YMAT. Maxim Group LLC is the sole bookrunner on the deal.
