Hitek Global, which provides IT consulting and solutions services in China, set a proposed price for its upcoming IPO on Monday.
The Xiamen, China-based company now plans to raise $20 million by offering 4 million shares at $5. The company had previously filed to offer the same number of shares at a range of $4 to $6. At the proposed price, Hitek Global would command a market value of $75 million.
Hitek Global was founded in 1996 and booked $7 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol HKIT. Newbridge Securities and WestPark Capital are the joint bookrunners on the deal
