Hongli Group, a cold roll formed steel profile manufacturer in China, raised $8 million by offering 2.1 million shares at $4, the low end of the range of $4 to $6. The company offered 0.4 million fewer shares than anticipated. It originally planned to offer 5 million shares, but had revised the terms several times since then.
The company has a market cap of less than $50 million at pricing. As a result, Hongli Group will be excluded from Renaissance Capital's 2023 IPO stats.
Operating through VIE Hongli Shandong and its subsidiaries, the company is a cold roll formed steel profile manufacturer in China. It focuses on the design, production, deep processing, and sales of custom-made profile for machinery and equipment in a variety of sectors including, but not limited to, the mining and excavation, construction, agriculture, and transportation industries.
Hongli Group plans to list on the Nasdaq under the symbol HLP. EF Hutton acted as sole bookrunner on the deal.
