Rubber Leaf, a Chinese supplier of automotive rubber and plastic sealing strips, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Hong Kong, China-based company now plans to raise $20 million by offering 5 million shares at $4. The company had previously filed to offer 6.3 million shares at the same price. At the revised deal size, Rubber Leaf will raise 20% less in proceeds than previously anticipated and command a market cap of $184 million (-3% versus previous terms) and an enterprise value of $167 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.
Primary shareholders include founder and CEO Xingxiu Hua (79% post-IPO stake) and CFO Hua Wang (5%).
Rubber Leaf was founded in 2011 and booked $5 million in revenue for the 12 months ended December 31, 2025. It plans to list on the Nasdaq under the symbol RLEA. Prime Number Capital is the sole bookrunner on the deal.
