Erayak Power Solution Group, a Chinese manufacturer of power solution products for vehicles and appliances, revised the terms for its upcoming IPO on Wednesday.
The Wenzhou, China-based company now plans to raise $12 million by offering 3 million shares at $4. The company had previously filed to offer 3.5 million shares at a range of $4 to $5, and originally filed to offer 3 million shares at a range of $4 to $6. At the proposed price, Erayak Power Solution Group will raise -24% less in proceeds than previously anticipated.
Because the company is expected to have a post-IPO market cap of less than $50 million, Erayak Power Solution Group will be excluded from Renaissance Capital's 2022 IPO stats.
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.
