Intelligent Living Application Group, a Chinese manufacturer of mechanical locksets, raised $20 million by offering 5.1 million shares at $4, below the last proposed price of $5.
The company manufactures and sells mechanical locksets to customers in the US and Canada. 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.
Excluding SPACs, Intelligent Living is the sixth Chinese company to complete a US IPO this year, each of which have raised less than $40 million.
Intelligent Living Application Group plans to list on the Nasdaq under the symbol ILAG. Network 1 Financial Securities acted as sole bookrunner on the deal.
