Intelligent Living Application Group Inc, a safety door lock manufacturer, has filed Amendment No 3 to Form F-1 Registration Statement on July 20, 2021 with U.S Securities and Exchange Commission with the U.S. Securities and Exchange Commission to decrease the proposed IPO size to $162 million, previously filed to raised $213 million. The company now plans to raise $25 million by offering 5.1 million shares at the price of $5.
The company previously planned to raise $19 million by offering 4.4 million shares at a price range of $5 to $5. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of 28% more than previously anticipated.
The company invests in self-designed automated product lines, new craftsmanship and developing new products including smart locks. Their revenue is mainly from the sale of products sold in the US market, and the remaining products are sold to Canada, Australia and China markets.
The Hong Kong-based company was founded in 1981 and booked $11 million in sales for the 12 months ended December 31, 2019. It plans to list on the Nasdaq Capital Market under the symbol “ILAG.” Network 1 Financial Securities is the underwriter of the IPO.
The company engages Foster Garvey PC as US Securities Counsel, and Wei, Wei & Co., LLP as Independent Auditor.
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