Xinzi, a Chinese maker of solar photovoltaic module encapsulation films, raised the proposed deal size for its upcoming IPO on Tuesday.
The Hangzhou, China-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 1.5 million shares at the same range. At the midpoint, Xinzi will raise 150% more in proceeds than previously anticipated.
Through its PRC operating entity Hangzhou Xinzi, the company focuses on the research and development, production, and sale of transparent solar photovoltaic (PV) module encapsulation films. Hangzhou Xinzi's main products are transparent EVA film (Polyethylene vinyl acetate films), white EVA films, POE (Polyolefin Elastomer), and EPE (Expandable Polyethylene) co-extruded films.
Xinzi was founded in 2016 and booked $25 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol XZ. Revere Securities is the sole bookrunner on the deal.
