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Chinese graphene products maker Graphex Group sets terms for $8 million NYSE American uplisting

July 11, 2022

Graphex Group, which manufactures graphene products for lithium-ion batteries in China, announced terms for its IPO on Monday. The company is currently listed on the Hong Kong Exchange (6128) and the OTCQX market (GRFXY).

The Hong Kong-based company plans to raise $8 million by offering 3.2 million ADSs at a price range of $2 to $3. At the midpoint of the proposed range, Graphex Group would command a market value of $76 million.

Graphex manufactures natural spherical graphite and specialized graphite products that are used primarily in lithium-ion batteries, typically for electric vehicles and clean energy storage solutions. The company's graphene products operations are based in the PRC and strategically located near a supply source of high-quality natural graphite. Graphex currently has approximately 30 customers in the PRC, primarily manufacturers of automotive batteries, conductive agents, refractory materials for the steel industry, and heat sink materials for precision electronics. The company also operates two other segments: its landscape architecture and design business and its catering business.

Graphex Group was founded in 1981 and booked $50 million in revenue for the 12 months ended December 31, 2021. It plans to list on the NYSE American under the symbol GRFX. EF Hutton is the sole bookrunner on the deal.