Chinese automotive rubber and plastic seal supplier Rui Boli (RLEA.US) has increased the size of its IPO by 67% and plans to raise $25 million.

On Tuesday, Chinese automotive rubber and plastic seal supplier Rubber Leaf has increased the proposed IPO issuance scale. The company now plans to issue 6.3 million shares at a price of $4 per share, raising $25 million; previously the plan was to issue 3 million shares with a price range of $4-6 per share. Under the revised terms, the fundraising amount will increase by 67% compared to the previous expectation, and the market value will reach $189 million. The company is currently listed on the over-the-counter (OTC) market with the code "RLEA". Rubber Leaf operates mainly through its subsidiary Rubber Leaf Sealing Parts (Zhejiang) Co., Ltd., focusing on the production and sales of automotive rubber and plastic seal strips. Rubber Leaf is a supplier to several major automotive original equipment manufacturers, including eGT New Energy Automotive, a joint venture established by Dongfeng, Renault, and Nissan, and Volkswagen. Headquartered in Ningbo, the company was founded in 2019 and generated revenue of $7 million in the 12 months ending December 31, 2024. The company plans to list on NASDAQ, with the stock code remaining as RLEA, and Prime Number Capital serving as the sole bookrunner.