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Steel framing manufacturer INNO sets terms for $11 million IPO

September 14, 2023

INNO HOLDINGS, which manufactures cold-formed steel framing for the construction industry, announced terms for its IPO on Thursday.

The Brookshire, TX-based company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, INNO HOLDINGS would command a market value of $93 million.

INNO HOLDINGS is a manufacturer of cold-formed-steel members and offers a full range of services required to transform raw materials into precise steel framing products and prefabricated homes. The company serves commercial, residential, and industrial customers, and its finished products and cold-formed steel members are used in a variety of building types. INNO uses a B2B sales model for its cold-formed steel-framing business, and its main customers are developers, builders, and contractors. For prefabricated home products, INNO expects to use either a B2B or B2C sales model.

INNO HOLDINGS was founded in 2019 and booked $1 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol INHD. AC Sunshine Securities is the sole bookrunner on the deal.