Rubber Leaf, a Chinese supplier of automotive rubber and plastic sealing strips, raised the proposed deal size for its upcoming IPO on Tuesday. The company is currently listed on the OTC under the symbol "RLEA".
The Hong Kong-based company now plans to raise $25 million by offering 6.3 million shares at a price range of $4. The company had previously filed to offer 3 million shares at a range of $4 to $6. At the revised deal size, Rubber Leaf will raise 67% more in proceeds than previously anticipated and command a market cap of $189 million.
Operating primarily through its subsidiary Rubber Leaf Sealing Products, the company specializes in the production and sale of automotive rubber and plastic sealing strips. Rubber Leaf acts as a supplier to several major auto original equipment manufacturers, including eGT New Energy Automotive and Volkswagen.
Rubber Leaf was founded in 2011 and booked $7 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol RLEA. Prime Number Capital is the sole bookrunner on the deal.
