Huadi International Group, which manufactures steel pipe and tube products in China, widened the proposed range for its upcoming IPO on Wednesday.
The Wenzhou, China-based company now plans to raise $23 million by offering 3.1 million shares at a price range of $7 to $8. The company had previously filed to offer the same number of shares at $8. At the midpoint of the revised range, Huadi International Group will raise -6% less in proceeds than previously anticipated.
Huadi is a manufacturer of industrial stainless steel seamless pipes and tube products with extensive distribution facilities spread throughout twenty provinces in China. The company offers a broad range of products across various industrial sectors, with its main business coming from oil and gas, automotive, and electric energy. It also exports to twenty countries and regions worldwide, with sales to the US, Mexico, Thailand, Australia, Argentina, Taiwan, India, the Philippines, UAE and Canada.
Huadi International Group was founded in 2018 and booked $59 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol HUDI. Craft Capital Management, R.F. Lafferty & Co. and Shengang Securities are the joint bookrunners on the deal.
