Northann, which makes and sells 3D printed vinyl flooring products, filed on Friday with the SEC to raise up to $12 million in an initial public offering.
The Elk Grove, CA-based company plans to raise $12 million by offering 3 million shares at a price range of $3 to $5. At the midpoint of the proposed range, Northann would command a market value of $92 million.
Northann makes vinyl flooring products using 3D printing technology, which it sells wholesale and retail in North America, Europe, and other regions under the "Benchwick" brand. The company's 3D printed vinyl flooring panels consist of three layers: The substrate, which is manufactured by Northann, and the decorative and surface layers, which are added with 3D printing technologies. Northann does not keep large physical inventory of its products, as production is on demand and manufacturing is done in small batches.
Northann was founded in 2013 and booked $16 million in sales for the 12 months ended March 31, 2023. It plans to list on the NYSE American under the symbol NCL. The company filed confidentially on July 29, 2022. Craft Capital Management is the sole bookrunner on the deal.
