Newater Technology, a Chinese manufacturer of filtration products used to purify wastewater, filed and set terms for a US IPO on Tuesday.
The Yantai City, China-based company plans to raise $7.2 million by offering 1.6 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Newater Technology would command a fully diluted market value of $49 million.
The company's proposed market value falls short of Renaissance Capital's $50 million cutoff, and is therefore currently excluded from our IPO stats.
Newater Technology was founded in 2012 and booked $12 million in sales for the 12 months ended December 31, 2016. It plans to list on the Nasdaq under the symbol NEWA. ViewTrade is the sole bookrunner on the deal. A pricing date has not been determined.
