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Hong Kong beauty appliance supplier Raytech prices US IPO at $4, the low end of the range

May 15, 2024

Raytech Holding, a Hong Kong supplier of personal care electrical appliances, raised $6 million by offering 1.5 million shares at $4, the low end of the range of $4 to $5. The company had originally filed in October to offer 3.0 million shares, but lowered the share offering earlier this year.

Operating through subsidiary Pure Beauty, the company sources and wholesales personal care electrical appliances for international brands. Products it covers include hair styling appliances, trimmers, epilators, and eyelash curlers, among others, though it specializes in hair dryers. The company also provides some value-added services including product design and development collaboration. It primarily sources manufacturing from a related third-party, and customers include international brands that predominantly market in Japan. 

Raytech Holding plans to list on the Nasdaq under the symbol RAY. Revere Securities and R.F. Lafferty & Co. acted as joint bookrunners on the deal.