China-based marine electronics maker Kepuni Holdings (KPN) has updated terms for a proposed $25M US initial public offering.
In a filing, Kepuni said that it is now seeking to offer 4.2M shares priced between $5.75 and $6 per share , which would raise around $25M if priced at the mid-point. Underwriters would receive a 45-day option to buy an additional 15% of the shares sold under the deal at the IPO price.
In late March, Kepuni indicated in a filing fee schedule attached to an SEC filing that it was looking to raise around $29M.
Kepuni has applied to list its shares on Nasdaq under the symbol KPN. Boustead Securities is serving as lead underwriter.
Incorporated in the Cayman Islands, Kepuni conducts business through subsidiaries in China. The company specializes in the design and manufacture of built-to-order communications equipment and electronics for the maritime industry. The company reported a net income of $2M on revenue of $12M for 2021.
For a more in-depth look at Kepuni, check out SA contributor Donovan Jones’s “Kepuni Holdings Pursues US IPO Plan”.
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Chinese marine electronics maker Kepuni updates terms for proposed $25M US IPO