Luda Technology has officially announced its plans to file for an initial public offering, as revealed in a recent Securities and Exchange Commission filing.
Offering Details
The esteemed manufacturer and trader of stainless steel and carbon steel flanges and fittings products has disclosed that it will be offering 2.5 million shares of Luda Cayman, the entity based in the Cayman Islands that will be issuing the stock. The anticipated initial public offering price is projected to fall within the range of $3 to $4 per share.
Listing and Symbol
Luda Technology has submitted an application to list its shares on the New York Stock Exchange American, under the symbol LUD.
Utilization of Proceeds
Upon completion of the offering, Luda Technology plans to allocate approximately half of the net proceeds towards establishing a state-of-the-art manufacturing plant dedicated to the production of stainless steel and flanges fittings products. Additionally, 30% of the funds will be designated for potential investments and acquisitions of upstream suppliers.
Financial Performance
In the fiscal year 2022, Luda Technology reported a net profit of $3.1 million, compared to $4.9 million in the preceding year, along with a notable increase in revenue from $34.1 million to $49.9 million.