Erayak Power Solution Group, a Chinese manufacturer of power solution products for vehicles and appliances, raised $12 million by offering 3 million shares at $4, as expected. The company originally planned to offer 3 million shares at a range of $4 to $6, before increasing the proposed share offering to 3.5 million shares and narrowing the range to $4 to $5 in October, and revising the terms again in November. At pricing, Erayak Power Solution Group commands a market value of $48 million.
Because the company priced its IPO at a 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 plans to list on the Nasdaq under the symbol RAYA. Craft Capital Management and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
