Huachen AI Parking Management Technology, a Chinese provider of smart parking solutions and equipment structural parts, filed on Wednesday with the SEC to raise up to $25 million in an initial public offering.
The Pinghu City, China-based company plans to raise $25 million by offering 5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Huachen AI Parking Management Technology would command a market value of $175 million.
Huachen Technology specializes in smart parking solutions and equipment structural parts. Their main offerings include a range of automated parking systems such as PSH (lifting and horizontal sliding), PJSA (convenient lifting), and PCS Vertical Lifting, designed to maximize space in urban environments. The company also provides equipment structural parts like conveyor belt components, feeder system parts, and railroad accessories, along with product design consultation and maintenance services for its parking systems.
The Pinghu City, China-based company was founded in 2004 and booked $34 million in revenue in 2023. It plans to list on the Nasdaq under the symbol HCAI. Huachen AI Parking Management Technology filed confidentially on December 19, 2023. EF Hutton is the sole bookrunner on the deal.
