Huadi International Group Co Ltd, a steel producer in China, has filed Amendment No 3 to Form F-1 Registration Statement on November 23, 2020 with the U.S. Securities and Exchange Commission to decrease the proposed IPO size to 23 million.
The company now plans to raise $23 million by offering 3.1 million shares at the price range of $7 to $8. Previously the company proposed to raise 25 million by offering 3.1 million shares. The company is a leading manufacturer of industrial stainless-steel seamless pipes and tubes products with extensive distribution facilities and network for over 20 provinces in China.
They also offered a broad range of products exported to 20 countries and regions The Wenzhou, China-based company was founded in 2018 and booked $59 million in sales for the 12 months ended March 31, 2020. It plans to list on the Nasdaq Capital Market under the symbol “HUDI.” Craft Capital Management, R.F. Lafferty & Co. and Shengang Securities are the underwriters of the IPO.
The company engages Ortoli Rosenstadt LLP as US Securities Counsel, and Briggs & Veselka Co. as Independent Auditor.
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