Hengguang Holding, which distributes property & casualty and life & health insurance products in China, announced new terms for its upcoming IPO on Tuesday.
The Chengdu, China-based company plans to raise $25 million by offering 6.3 million shares at a price of $4. At the proposed deal size, Hengguang Holding would command a market cap of $79 million.
The company originally filed for an IPO in January 2022, most recently planning to raise $11 million by offering 2.8 million shares at a price of $4. After not having its updated its prospectus in over a year, the company submitted a new blank filing last March.
Heng Guang Insurance distributes a variety of insurance products, including both property and casualty insurance (automobile insurance, commercial property insurance, casualty and accident insurance, construction and engineering insurance, and liability insurance) and life and health insurance. The firm primarily provides sales, distribution, and ancillary services for products underwritten by the 70+ insurance companies Heng Guang Insurance represents. The firm currently has 45 branch offices throughout China.
Hengguang Holding was founded in 2004 and booked $37 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol HGIA. D. Boral Capital is the sole bookrunner on the deal.
