CDT Environmental Technology Investment Holdings, which provides sewage treatment systems and services in China, revised the terms for its upcoming IPO on Monday. The company originally filed for an IPO in January 2021 but was initially ineligible for tracking, as its expected post-IPO market cap was below $50 million.
The Shenzhen, China-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 3.1 million shares at $4. At the midpoint of the revised range, CDT Environmental Technology Investment Holdings will raise 27% less in proceeds than previously anticipated and command a market value of $50 million.
If the company has a market cap of less than $50 million at pricing, CDT Environmental will be excluded from Renaissance Capital's 2023 IPO stats.
Through its subsidiaries, the company primarily provides sewage treatment systems and services in both urban and rural areas. For sewage treatment systems, the company sells complete sewage treatment systems, constructs rural sewage treatment plants, installs the systems, and provides on-going operation and maintenance for Chinese municipalities and enterprise clients. For sewage treatment services, it offers on site septic tank treatment services for Chinese municipalities and property management companies.
CDT Environmental Technology Investment Holdings was founded in 2012 and booked $31 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol CDTG. WestPark Capital is the sole bookrunner on the deal.
