Hongli Group, a cold roll formed steel profile manufacturer in China, raised the proposed share offering for its upcoming IPO on Wednesday.
The Shandong, China-based company now plans to raise $28 million by offering 5.5 million shares at a price range of $4 to $6. The company had previously filed to offer 5 million shares at the same range. At the revised share count, Hongli Group will raise 10% more in proceeds than previously anticipated.
Hongli Group is an offshore holding company conducting its operations in China through Hongli Shandong, a variable interest entity, and its subsidiaries. Hongli Shandong is a leading cold roll formed steel profile manufacturer in China. The entity's main business operation 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 was founded in 1999 and booked $22 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol HLP. EF Hutton is the sole bookrunner on the deal.
