Erayak Power Solution Group Inc. (RAYA) Plans to Raise $12 Million in December 1st IPO

Erayak Power Solution Group Inc. (RAYA) expects to raise $12 million in an initial public offering on Thursday, December 1st, IPO Scoop reports. The company plans to issue 3,000,000 shares at $4.00 per share.

In the last 12 months, Erayak Power Solution Group Inc. generated $22.1 million in revenue and $4.2 million in net income. Erayak Power Solution Group Inc. has a market-cap of $54 million.

Craft Capital Management and R.F. Lafferty & Co. served as the underwriters for the IPO.

Erayak Power Solution Group Inc. provided the following description of their company for its IPO: “Erayak Power Solution Group Inc. was formed in 2019 under the laws of the Cayman Islands. We conduct business primarily through our wholly owned subsidiaries, Zhejiang Leiya and Wenzhou New Focus, in the People’s Republic of China, or the PRC. Our company specializes in the manufacturing, research and development (“R&D”), and wholesale and retail of power solution products. Zhejiang Leiya’s product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are customized and built to order, or BOT. Our BOT business model maximizes our flexibility in production scheduling, material procurement and delivery to meet our customers’ unique demands. Our products are used principally in agricultural and industrial vehicles, recreational vehicles (“RVs”), electrical appliances and outdoor living products. Our primary office is located in Zhejiang province, where we serve a large customer base throughout PRC and expand our reach to international clients. Our goal is to be the premier power solutions brand and a solution for mobile life and outdoor living. We seek to leverage our flexibility and passion for quality to provide a personalized mobile living solution for each customer. Since the founding of Zhejiang Leiya in 2009, it has grown to be a manufacturer that not only designs, develops and mass produces our own brand of premium power solution products, but has also established e-commerce channels in the retail chain. We, through our PRC subsidiaries, also offer our products in Japan, England, Germany, France, Spain, Switzerland, Sweden, the Netherlands, the U.S., Canada, Mexico, Australia, Dubai and nine other countries. Zhejiang Leiya manufactures all of our products in factories operating under quality management systems accredited by the International Organization for Standardization (ISO 9001:2015). We generated revenue mostly from three types of products: (1) inverters constituted approximately 82% and 86% of our total revenue for the fiscal years ended December 31, 2021, and 2020, respectively; (2) chargers, which generated approximately 7.52% and 7.39% of our total revenue for the fiscal years ended December 31, 2021, and 2020, respectively; (3) gasoline generators generated approximately 8.28% and 4.91% of our total revenue for the fiscal years ended December 31, 2021, and 2020, respectively. **Note: For the fiscal year ended Dec. 31, 2021, Erayak reported revenue of $18.63 million and net income of $3.39 million. **Note: Revenue and net income figures in the chart below are for the 12 months that ended on June 30, 2022.  (Note: Erayak Power Solution Group trimmed its IPO to 3.0 million shares at $4.00 – down from 3.5 million at $4.00 to $5.00 – in an F-1/A filing dated Nov. 16, 2022. Previously: Erayak Power had increased the size of its IPO in an F-1/A filing dated Oct. 26, 2022, and changed underwriters – to Craft Capital Management and R.F. Lafferty & Co. as joint book-runners, a switch from Prime Number Capital and Shengang Securities. The new terms, as of the Oct. 26, 2022, filing (F-1/A) are: 3.5 million shares, up from 3.0 million shares initially, at a lower price range of $4.00 to $5.00, down from $4.00 to $6.00, to raise $15.75 million, up from $15.0 million initially. The new  terms also cut the company’s valuation. Erayak Power Solution Group also disclosed updated financial statements through the first half of 2022. Erayak Power Solution Group filed its F-1 on Jan. 21, 2022, following its confidential IPO paperwork filing on Aug. 2, 2021.) “.

Erayak Power Solution Group Inc. was founded in 2009 and has 120 employees. The company is located at No. 528, 4th Avenue Binhai Industrial Park Wenzhou, Zhejiang Province People’s Republic of China 325025 and can be reached via phone at +86-577-86829999 or on the web at http://www.erayakgenerator.com/.

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