Luda Group (LUD.US) IPO priced at $4 per share, intending to raise $10 million.

Chinese stainless steel and carbon steel flange and accessories manufacturer Lud Group (LUD.US) has amended the terms of its upcoming IPO on Wednesday. The company, based in Hong Kong, China, now plans to issue 2.5 million shares of stock at a price of $4 per share, raising $10 million. The company had previously applied to issue 2.5 million shares of stock at a price between $3 and $4 per share. At the proposed price, Lud Group will raise 14% more capital than previously expected, with a market value of $90 million. The company operates primarily in two business lines: manufacturing and selling stainless steel and carbon steel flanges and accessories, and trading steel pipe products such as pipes and valves. The group's production base is located in Tai'an, China. The group's sales network covers China and other regions in Asia, as well as South America, Australia, Europe, and North America, with customers including manufacturers and traders in the chemical, petrochemical, maritime, and manufacturing industries. Founded in 2004, Lud Group had sales of $51 million in the 12 months ending on December 31, 2023. The company plans to be listed on the New York Stock Exchange under the ticker symbol "LUD". Revere Securities and Pacific Century Securities are the joint bookrunners for the transaction.