EvoAir Holdings, a Malaysia-based maker of "eco-friendly" HVAC systems, raised the proposed deal size for its upcoming IPO on Friday.
The Kuala Lumpur, Malaysia-based company now plans to raise $34 million by offering 7.5 million shares at a price range of $4 to $5. The company had previously filed in May 2025 to offer 3.8 million shares at the same range. The company originally filed in December 2024 to offer 2 million shares. At the midpoint of the revised range, EvoAir Holdings will raise 100% more in proceeds than previously anticipated and command a market cap of $156 million (+12% versus previous terms).
Evoair Holdings is principally engaged in the development, manufacturing, sale, and marketing of "eco-friendly" heating, ventilation, and air conditioning (HVAC) products for residential, commercial, and industrial uses. The company's HVAC systems utilize proprietary Heat Emission Control System technology, and its product portfolio includes air-conditioner brand EvoAir and portable air-conditioner brand e-Cond EVO. Evoair operates manufacturing facilities in China and Malaysia.
EvoAir Holdings was founded in 2017 and plans to list on the Nasdaq under the symbol EVOH. Network 1 Financial Securities is the sole bookrunner on the deal.
