Intelligent Living Application Group (ILAG) expects to raise $26 million in an initial public offering on the week of June 20th, IPO Scoop reports. The company will issue 5,100,000 shares at a price of $5.00 per share.
In the last twelve months, Intelligent Living Application Group generated $12.5 million in revenue and had a net loss of $1.4 million. Intelligent Living Application Group has a market cap of $90.3 million.
Network 1 Financial Securities served as the underwriter for the IPO.
Intelligent Living Application Group provided the following description of their company for its IPO: “Headquartered in Hong Kong, we manufacture and sell high quality mechanical locksets to customers in the United States (US) and Canada. We have continued to diversify and refine our product offerings over the past 30 years to meet our customers’ needs. We believe we are one of the pioneers of mechanical lockset manufacturing in China. Since inception, to cope with our development and increase customer satisfaction in quality, we keep investing in self-designed automated product lines and new craftsmanship, as well as in developing new products, including smart locks. Starting in 2000, we have offered products that comply with the American National Standards Institute (ANSI) Grade 2 and Grade 3 standards that are developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI. Our focus in producing mechanical locksets – including locksets for outdoors (such as main entrances and gates) and indoors – has resulted in sustainable growth in our business and raised our competitiveness. To maintain our growth, our products are beyond a simple lockset for security purposes. We offer a wide range of Original Design Manufacturer (“ODM”) door locksets to various customer segments from “Premium Series” to “Economy-oriented Series” with classic to contemporary looks, functions and colors. To meet increasing consumer needs for smart locks and smart home products, we have been researching and developing smart locks in the past couple of years. **Note: Revenue and net loss figures are in U.S. dollars for the year ended Dec. 31, 2021. (Note: Intelligent Living Application filed its FWP (Free Writing Prospectus) on June 6, 2022; it set terms and updated financial statements in an F-1/A filing dated May 6, 2022.) “.
Intelligent Living Application Group was founded in 1981 and has 396 employees. The company is located at 1-15 Kwai Fung Crescent, Kwai Chung New Territories, Hong Kong and can be reached via phone at + (852) 2481 7938 or on the web at http://www.i-l-a-g.com/.
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