WANG & LEE GROUP, which provides design and contracting services to the construction industry in China, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Hong Kong, China-based company now plans to raise $8 million by offering 1.6 million shares at a price of $5. The company had previously filed to offer 4 million shares at $4. At the revised price, WANG & LEE GROUP will raise -50% less in proceeds than previously anticipated and command a market value of $75 million (+17% vs. original terms).
Operating as a construction prime and subcontractor, WANG & LEE provides a wide range of large sitework construction services to private construction customers, such as commercial and residential developers and local businesses. The company primarily engages in the installation of Electrical & Mechanical Systems. This includes low voltage electrical systems, mechanical ventilation and air-conditioning systems, fire service systems, water supply and sewage disposal system installation, and fitting out for the public and private sectors.
WANG & LEE GROUP was founded in 1981 and booked $3 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol WLGS. Boustead Securities is the sole bookrunner on the deal.
