Luda Technology Group, a Chinese manufacturer of stainless and carbon steel flanges and fittings products, revised the terms for its upcoming IPO on Wednesday.
The Hong Kong, China-based company now plans to raise $10 million by offering 2.5 million shares at $4. The company had previously filed to offer 2.5 million shares at a range of $3 to $4. At the proposed price, Luda Technology Group will raise 14% more in proceeds than previously anticipated and command a market value of $90 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 $51 million in sales for the 12 months ended December 31, 2023. It plans to list on the NYSE American under the symbol LUD. Revere Securities and Pacific Century Securities are the joint bookrunners on the deal.
