Erayak Power Solution Group Inc, a power solution products manufacturer, has filed Form F-1 Registration Statement on January 21, 2022 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $15 million by offering 3 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 $60 million.
The company specializes in the manufacturing, research and development, and wholesale and retail of power solution products. Their wholly-owned subsidiary Zhejiang Leiya’s product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products.
The Wenzhou, China-based company was founded in 2009 and booked $16 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq Capital Market under the symbol “RAYA.” Prime Number Capital and Shengang Securities are underwriters of the IPO.
The company engages Ortoli Rosenstadt LLP as US Securities Counsel, and TPS Thayer as Independent Auditor.
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