Hongli Group, a cold roll formed steel profile manufacturer in China, announced terms for its IPO on Thursday.
The Shandong, China-based company plans to raise $25 million by offering 5 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Hongli Group would command a market cap of $115 million.
Hongli Group is an offshore holding company conducting its operations in China through Hongli Shandong, a variable interest entity, and its subsidiaries. Hongli Shandong is a leading cold roll formed steel profile manufacturer in China with respect to function innovation, performance improvement, and customized manufacturing of its products. The entity's main business operation focuses on the design, production, deep processing, and sales of custom-made profile for machinery and equipment in a variety of sectors including, but not limited to, the mining and excavation, construction, agriculture, and transportation industries.
Hongli Group was founded in 1999 and booked $17 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol HLP. EF Hutton is the sole bookrunner on the deal.
