Chinese power solutions retailer Erayak Power Solution Group (RAYA) has filed to raise approximately $15M through a US initial public offering.
Erayak plans to offer 3M shares priced between $4 to $6 per share. Underwriters will be granted a 45-day option to buy up to 15% additional shares at the IPO price to cover any overallotments.
The company intends to list its shares on Nasdaq under the symbol RAYA. Prime Number Capital and Shengang Solutions are serving as lead bookrunners.
The Cayman Islands-based holding company conducts its operations through subsidiaries in China, specializing in power solutions for mobile situations such as RVs, yachts, trucks, vans and outdoor operations. Its leading products are inverters, gasoline generators and chargers.
Erayak reported net income of $2.2M on sales of $14.1M for 2020.
For a more in-depth look at the company, check out SA contributor Donovan Jones’s “Erayak Power Solution Seeks $15 Million US IPO”.