Xinxu Copper Industry Technology, a Chinese producer of copper and copper alloy products, raised the proposed deal size for its upcoming IPO on Monday.
The Wuhu, China-based company now plans to raise $17 million by offering 3 million shares at a price range of $5 to $6. The company had previously filed to offer 1.5 million shares at a range of $4 to $5. At the midpoint of the revised range, Xinxu Copper Industry Technology will raise 144% more in proceeds than previously anticipated and command a market cap of $127 million.
Through its operating subsidiary Anhui Xinxu, the company primarily engages in the research and development, fabricating and processing, and sale and distribution of copper and copper alloy products. Its products include T2 red copper bars, T2 tin-plated copper bars, T2 copper rods, electrolytic copper, and aluminum bar, among others.
Xinxu Copper Industry Technology was founded in 2012 and plans to list on the Nasdaq under the symbol XXC. Craft Capital Management and R.F. Lafferty & Co. are the joint bookrunners on the deal.
