Chinese insurance company Hengguang Holding Co., Ltd. Class A (HGIA.US) updates IPO terms: price at $4 per share with a target fundraising of $25 million.

Chinese insurance distributor Hengguang Holding Co., Ltd. Class A (HGIA.US) announced the latest IPO terms on Tuesday, planning to issue 6.3 million shares at a price of $4 per share, raising $25 million. Based on this plan, the company's market value will reach $79 million. The company, based in Chengdu, initially filed for an IPO in January 2022, intending to issue 2.8 million shares at $4 per share to raise $11 million. After not updating the prospectus for over a year, they resubmitted a blank application document in March of last year. Hengguang distributes various types of insurance products, covering property and casualty insurance as well as life and health insurance. Property and casualty insurance includes motor vehicle insurance, commercial property insurance, accident insurance, construction insurance, and liability insurance; it also provides distribution services for life and health insurance products. The company mainly provides sales, distribution, and support services for products underwritten by more than 70 insurance companies it collaborates with, currently having 45 branch offices in mainland China. Hengguang Holding Co., Ltd. Class A was established in 2004 and generated $37 million in revenue in the 12 months ending December 31, 2024. This IPO is planned to be listed on the NASDAQ Stock Exchange under the ticker symbol HGIA. D. Boral Capital will serve as the exclusive bookrunner for this offering.