Hengguang Holding, which distributes property & casualty and life & health insurance products in China, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Chengdu, China-based company now plans to raise $16 million by offering 4 million shares at $4. The company had previously filed to offer 4.4 million shares at a range of $4 to $5. At the revised terms, Hengguang Holding will raise -20% less in proceeds than previously anticipated.
Heng Guang Insurance distributes a variety of insurance products, including both property and casualty insurance (automobile insurance, commercial property insurance, casualty and accident insurance, construction and engineering insurance, and liability insurance) and life and health insurance. The firm primarily provides sales, distribution, and ancillary services for products underwritten by the 70+ insurance companies Heng Guang Insurance represents. The firm currently has 48 branch offices throughout China.
Hengguang Holding was founded in 2004 and booked $22 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol HGIA. Network 1 Financial Securities is the sole bookrunner on the deal.
