DariaRen
Chinese steel products manufacturer Hongli Group (HLP) has downsized its proposed US initial public offering to $13M from $20M.
Hongli now plans to offer 2.5M shares priced between $4 and $6, which would raise approximately $13M if priced at the midpoint.
The company hopes to list its shares on Nasdaq under the symbol HLP. EF Hutton is serving as lead bookrunner.
In December, Hongli said it was interested in offering 4M shares priced between $4 and $6, which would have raised $20M if priced at the midpoint.
Incorporated in the Cayman Islands, Hongli Group operates through a variable interest entity in China. The company manufacturers a variety of cold rolled steel products, such as steel pipes.
Hongli is profitable. For 2021, the company reported net income of $3M on net revenue of $22M.
For more on Hongli, check out Donovan Jones’s “Hongli Group Aims for $25M US IPO.”