Huachen AI Parking Management Technology, a Chinese developer of automated parking garages and related equipment, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Pinghu, China-based company now plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. The company had previously filed to offer 5 million shares at the same range. At the revised deal size, Huachen AI Parking Management Technology will raise -70% less in proceeds than previously anticipated and command a market value of $158 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.
Huachen AI Parking Management Technology was founded in 2004 and plans to list on the Nasdaq under the symbol HCAI. Benjamin Securities and D. Boral Capital are the joint bookrunners on the deal.
