Erayak Power Solution Group, a Chinese manufacturer of power solution products for vehicles and appliances, increased the share offering and narrowed the range to the low end for its upcoming IPO on Thursday. The company also disclosed 1H22 financials.
The Wenzhou, China-based company now plans to raise $16 million by offering 3.5 million shares at a price range of $4 to $5. The company had previously filed to offer 3 million shares at a range of $4 to $6. At the midpoint of the revised range, Erayak Power Solution Group will raise 5% more in proceeds than previously anticipated.
Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Its product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products, which are primarily used in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products.
Erayak Power Solution Group was founded in 2009 and booked $22 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol RAYA. Craft Capital Management and R.F. Lafferty & Co. are the joint bookrunners on the deal.
