Hitek Global, which provides IT consulting and solutions services in China, raised the proposed deal size for its upcoming IPO on Friday.
The Xiamen, China-based company now plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. The company had previously filed to offer 1.8 million shares at a range of $4 to $6. At the midpoint of the revised range, Hitek Global will raise 67% more in proceeds than previously anticipated to command a market cap of $70 million.
Hitek Global was founded in 1996 and booked $6 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol HKIT. Newbridge Securities and WestPark Capital are the joint bookrunners on the deal
