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Hongli Group Inc. (NASDAQ: HLP) has successfully closed its initial public offering (IPO) of 2,062,500 ordinary shares at a price of $4.00 per share, raising total gross proceeds of $8.25 million. The IPO was conducted on a firm commitment basis, with an underwriter option to purchase an additional 309,375 shares. Trading of the shares began on March 29, 2023. Hongli operates as a holding company and consolidates the financial results of its subsidiary, Shandong Hongli Special Section Tube Co., Ltd., a leading manufacturer of cold roll formed steel profiles in China, serving multiple sectors.
Hongli Group Inc. (NASDAQ: HLP) has priced its initial public offering (IPO) at $4.00 per share, raising $8.25 million in total gross proceeds. The offering consists of 2,062,500 ordinary shares and will close on or about March 31, 2023. The company consolidates results from its subsidiary, Shandong Hongli Special Section Tube Co., Ltd., a leader in cold-rolled steel manufacturing in China. Proceeds from the IPO will support bank loan repayments, asset acquisitions, R&D, and hiring of compliance personnel. The shares are set to trade on the Nasdaq Capital Market starting March 29, 2023.
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