Newater Technology, a Chinese manufacturer of filtration products used to purify wastewater, raised $7 million by offering 1.4 million shares at $5, the high end of its guided range of $4 to $5. The company commanded an IPO market value of $53 million. Shares finished Friday at $8.93 for a first day gain of +79%.
The Yantai City, China-based company was founded in 2012. During the fiscal year ended December 31, 2016, sales jumped +76% to $12 million and operating income declined slightly to $1.4 million.
The company is listed on the Nasdaq under the symbol NEWA.View Trade Securities acted as the sole bookrunner on the deal.
