Intelligent Living Application Group, a Chinese manufacturer of mechanical locksets and smart security systems, filed on Wednesday with the SEC to raise up to $19 million in an initial public offering.
The company manufactures and sells mechanical locksets to customers in the US and Canada, generating most of its revenue in the US market. It offers products that comply with the American National Standards Institute (ANSI) Grade 2 and Grade 3 standards. To expand its product offerings, the company has been researching and developing smart locks over the past couple years, but its hasn't made further progress due to the tariff war and outbreak of COVID-19.
The Hong Kong-based company was founded in 1981 and booked $11 million in sales for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol ILAG. Intelligent Living Application Group filed confidentially on June 23, 2020. Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
