Graphex Group, which manufactures graphene products for lithium-ion batteries in China, filed on Monday with the SEC to raise up to $14 million in an initial public offering. The company is currently listed on the Hong Kong Exchange (6128) and the OTCQX market (GRFXY).
Graphex states that it is a leading manufacturer of natural spherical graphite and specialized graphite products that are used primarily in lithium-ion batteries, typically for electric vehicles and clean energy storage solutions. The company's graphene products operations are based in the PRC and strategically located near the largest accessible supply source of high-quality natural graphite in the world. Graphex currently has approximately 30 customers in the PRC, primarily manufacturers of automotive batteries, conductive agents, refractory materials for the steel industry, and heat sink materials for precision electronics. The company also operates two other segments: its landscape architecture and design business and its catering business.
The Hong Kong-based company was founded in 1981 and booked $54 million in sales for the 12 months ended June 30, 2021. It plans to list on the NYSE American under the symbol GRFX. EF Hutton is the sole bookrunner on the deal. No pricing terms were disclosed.
