Xinzi, a Chinese maker of solar photovoltaic module encapsulation films, filed on Wednesday with the SEC to raise up to $8 million in an initial public offering.
The Hangzhou, China-based company plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Xinzi would command a market value of $83 million.
Through its PRC operating entity Hangzhou Xinzi, the company focuses on the research and development, production, and sale of transparent solar photovoltaic (PV) module encapsulation films. Hangzhou Xinzi's main products are transparent EVA film (Polyethylene vinyl acetate films), white EVA films, POE (Polyolefin Elastomer), and EPE (Expandable Polyethylene) co-extruded films.
Xinzi was founded in 2016 and booked $26 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol XZ. Revere Securities is the sole bookrunner on the deal.
