Luda Technology Group, a Chinese manufacturer of stainless and carbon steel flanges and fittings products, filed a new F-1 with the SEC on Monday, disclosing plans to raise up to $10 million in an initial public offering. The company had previously filed in March 2024 but withdrew the offering last week.
Prior to withdrawing, Luda Technology Group filed revised terms in August, which it retained in the new F-1. It plans to raise $10 million by offering 2.5 million shares at $4. At the proposed price, the company would 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.
The Hong Kong-based company was founded in 2004 and booked $51 million in revenue for the 12 months ended June 30, 2024. 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.
