Taiwanese bicycle frame maker J-Star sets terms for US$18 million IPO (Pending:YMAT)
Taiwanese bicycle frame manufacturer J-Star (YMAT) reduced the size of its proposed U.S. initial public offering to $18 million from $22 million.
J-Star said in a filing that it is currently looking to offer 4M stock priced at $4 to $5, which will raised about 18 million dollars if the price is in the middle. The company is looking to list shares on Nasdaq under the symbol YMAT.
Underwriters will be granted a 45-day option to purchase up to 600,000 additional shares at the IPO price. Freedom Capital Markets and Maxim Group are acting as lead booksellers.
In September, J-Star said it was considering an offering of 5.375 million shares at $4 per share, which would raise nearly $22 million. Companies have governing terms in the agreement several times in the past year, with a proposal filed in July seeking $15 million. It is also transferred to underwriting.
Star J IPO application for the first time in March 2022.
Founded in the Cayman Islands but headquartered in Taiwan, J-Star is a manufacturer of carbon fiber composite products such as bicycle frames and tennis rackets. The company conducts its activities through subsidiaries in China, Taiwan, Hong Kong and Samoa.
For more on J-Star, read SA contributor Donovan Jones’s “J-Star Holding seeks IPO in US to expand production”.