Luda Group (LUD.US) withdraws its application for an IPO in the United States, previously planning to raise $10 million.

Chinese stainless steel and carbon steel flange and fittings manufacturer Luda Group (LUD.US) withdrew its initial public offering plan last Friday. The company recently applied to issue 2.5 million shares at a price of $4 per share, raising $10 million. According to information, the group mainly operates two business lines: manufacturing and selling stainless steel and carbon steel flange and fittings products; and trading steel pipe products such as pipes and valves. The group's production base is located in Taian, 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. Information shows that Luda Group was established in 2004, with sales of $51 million for the 12 months ending December 31, 2023. The company had planned to list on the New York Stock Exchange with the stock code "LUD".