Huadi International Group, which manufactures steel pipe and tube products in China, raised $25 million by offering 3.1 million shares at $8, the high end of the range of $7 to $8. At pricing, the company commands a market value of $106 million.
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 plans to list on the Nasdaq under the symbol HUDI. Craft Capital Management, R.F. Lafferty & Co. and Shengang Securities acted as lead managers on the deal.
