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Chinese Steel Manufacturer HONGLI GROUP Set Terms for $25 Million US IPO

Esther Thin

Hongli Group Inc, a Chinese steel manufacturer, has filed Amendment No. 3 to Form F-1 Registration Statement on March 31, 2022 with the U.S. Securities and Exchange Commission to announce terms for its IPO.

The company plans to raise $25 million by offering 5 million shares at a price range of $4 to $6. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $115 million.

The company is one of the leading cold roll-formed steel profile manufacturers in China with respect to function innovation, performance improvement, and customized manufacturing of their products, according to China Sub-Association for Cold-Formed Steel Industries, a professional industrial association.

The Shandong, China-based company was founded in 1999 and booked $17 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq Capital Market under the symbol “HLP.” EF Hutton is the underwriter of the IPO.

The company engages Robinson & Cole LLP as US Securities Counsel, and RBSM LLP as Independent Auditor.

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