Hengguang Holding Co Ltd, an insurance agency company, has filed Amendment No 1 to Form F-1 Registration Statement on March 30, 2022 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $20 million by offering 4.4 million shares at a price range of $4 to $5. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $65 million.
The company distributes a variety of insurance products, which are categorized into two major groups which are property and casualty insurance, such as automobile insurance, commercial property insurance, casualty and accident insurance, construction and engineering insurance, and liability insurance and life and health insurance.
The Chengdu, China-based company was founded in 2004 and booked $20 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq Capital Market under the symbol “HGIA.” Network 1 Financial Securities is the underwriter of the IPO.
The company engages Sichenzia Ross Ference LLP as US Securities Counsel, and KCCW Accountancy Corp as Independent Auditor.
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