Three Chinese companies – Luda Technology Group Ltd. (LUD) and LZ Technology Holdings (LZMH) and Webus International (WETO) – raised a total of $25.2 million by pricing their IPOs on Wednesday night, Feb. 26, 2025. Here are the pricing details:
– Luda Technology Group Ltd. (LUD) priced its IPO at $4.00, as expected, and sold 2.5 million shares to raise $10.0 million on Wednesday night, Feb. 26, 2025.
Luda Technology Group’s stock opened at $4.15 – up 15 cents from its IPO price – today – Thursday, Feb. 27, 2025 – on the NYSE – American Exchange. Luda was trading at $4.18 on NYSE-Amex volume about 1.07 million shares at around 12:30 p.m. EST today.
Revere Securities and Pacific Century Securities acted as the joint book-runners.
Luda Technology is a profitable Hong Kong-based manufacturer of stainless steel and carbon steel flanges and fittings products. The company, founded in 2004, is also engaged in the trading of steel pipes, valves and other steel tubing products. Luda’s customers are manufacturers and traders from the chemical, petrochemical, maritime and manufacturing industries, the prospectus said. (Incorporated in the Cayman Islands)
Financial Snapshot: Net income of $1.83 million on revenue of $51.27 million for the 12 months that ended June 30, 2024 (in U.S. dollars)
– LZ Technology Holdings Ltd. (LZMH) priced its IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and sold 1.8 million shares to raise $7.2 million on Wednesday night, Feb. 26, 2025.
LZ Technology’s stock opened at $5.11 – up $1.11 for a 27.75 percent gain from its IPO price – at 10:45 a.m. EST today – Thursday, Feb. 27, 2025 – on the NASDAQ on volume of 182,428 shares. The stock extended its climb, trading at $5.76 on NASDAQ volume of around 1.8 million shares at about 12:20 p.m. EST today.
Benjamin Securities and D. Boral Capital were the joint book-runners.
LZ Technology Holdings, based in the Wuxing District in Huzhou City, Zhejiang province, is the parent of a Chinese advertising services company. LZ Technology’s operations include three business verticals: (1) Out-of-Home Advertising – Ads on a network of monitors that span about 120 cities in China, including Shanghai, Beijing and Wuhan. (2) Smart Community – Building access and safety management systems that use access control monitors and vendor-provided SaaS platforms, and (3) Local Life – Local businesses connect with consumers by offering deals and coupons to consumers on social media platforms such as WeChat and Douyin, China’s version of TikTok. (Incorporated in the Cayman Islands)
Financial Snapshot: Net loss of $0.41 million on revenue of $116.25 million for the 12 months that ended June 30, 2024 (in U.S. dollars converted from China’s currency)
– Webus International (WETO) priced its IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and sold all 2.0 million shares in the prospectus – to raise $8.0 million on Wednesday night, Feb. 26, 2025.
Webus shares started trading at 11:10 a.m. EST today – Thursday, Feb. 27, 2025 – at $4.10 – up 10 cents from their IPO price – on opening volume of 58,057 on NASDAQ. Webus fell below its $4.00 IPO price to trade at $3.72 at about 11:12 a.m. EST.
Alexander Capital, Network 1 Financial Securities and R.F. Lafferty & Co. were the underwriters.
Webus International, based in Hangzhou, China, is the holding company of a Chinese travel company that describes itself as “an emerging leader in China’s Collective Mobility Service (“CMS”) market.” The company, founded in 2019, uses privately operated vans and buses to offer customers an alternative to public transportation when traveling in large groups, the prospectus said. Its customers use its platform for any type of CMS – ranging from the daily commute to inter-city trips, business trips and cross-province travel to guided tours and tailored vacation packages. (Incorporated in the Cayman Islands)
Financial Snapshot: Net loss of $0.56 million on revenue of $6.33 million for the year that ended June 30, 2024 (in U.S. dollars converted from China’s currency)
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