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Hong Kong-based contractor WANG & LEE GROUP files and sets terms for a $16 million US IPO

June 21, 2022

WANG & LEE GROUP, which provides design and contracting services to the construction industry, filed on Tuesday with the SEC to raise up to $16 million in an initial public offering.

The Hong Kong-based company plans to raise $16 million by offering 4 million shares at $4. At the proposed price, WANG & LEE GROUP would command a market value of $64 million. 

Operating as a construction prime and subcontractor, WANG & LEE GROUP provides a wide range of large sitework construction services to private construction customers, such as commercial and residential developers and local businesses. The company primarily engages in the installation of Electrical & Mechanical Systems. This includes low voltage electrical systems, mechanical ventilation and air-conditioning systems, fire service systems, water supply and sewage disposal system installation, and fitting out for the public and private sectors. 

WANG & LEE GROUP was founded in 1981 and booked $4 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol WLGS. Boustead Securities is the sole bookrunner on the deal.