Intelligent Living Application Group, a Chinese manufacturer of mechanical locksets and smart security systems, raised the proposed deal size for its upcoming IPO on Tuesday.
The Hong Kong-based company now plans to raise $25 million by offering 5.1 million shares at $5. The company had previously filed to offer 4.4 million shares at a range of $4 to $5. At the revised deal size, Intelligent Living Application Group will raise 28% more in proceeds than previously anticipated.
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.
Intelligent Living Application Group was founded in 1981 and booked $11 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol ILAG. Network 1 Financial Securities is the sole bookrunner on the deal.
