Erayak Power Solution Group, a Chinese manufacturer of power solution products for vehicles and appliances, filed on Friday with the SEC for an initial public offering.
The Wenzhou, China-based company plans to raise $15 million by offering by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Erayak Power Solution Group would command a market value of $60 million.
Erayak specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Its product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products, which are primarily used in agricultural and industrial vehicles, recreational vehicles, electrical appliances, and outdoor living products.
Erayak Power Solution Group was founded in 2009 and booked $16 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol RAYA. Erayak Power Solution Group filed confidentially on August 2, 2021. Prime Number Capital and Shengang Securities are the joint bookrunners on the deal.
