Intelligent Living Application Group, a Chinese manufacturer of mechanical locksets and smart security systems, announced terms for its IPO on Friday.
The Hong Kong, China-based company plans to raise $20 million by offering 4.4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Intelligent Living Application Group would command a market value of $78 million.
The company manufactures and sells mechanical locksets to customers in the US and Canada, generating most of its revenue in the US market. It offers products that comply with the American National Standards Institute (ANSI) Grade 2 and Grade 3 standards. To expand its product offerings, the company has been researching and developing smart locks.
Intelligent Living Application Group was founded in 1981 and booked $10 million in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol ILAG. Network 1 Financial Securities is the sole bookrunner on the deal.
