IPOs

Chinese micro-cap IT consulting provider HiTek Global ups share offering on $20 million US IPO

Hitek Global, which provides IT consulting and solutions services in China, raised the proposed deal size for its upcoming US IPO on Thursday.

The Xiamen, China-based company now plans to raise $20 million at a market cap of $75 million by offering 4 million shares at a price range of $4 to $6. The company had previously filed to offer 3 million shares. At the midpoint of the range, Hitek Global will raise 33% more in proceeds than previously anticipated.

Hitek Global was founded in 1996 and booked $6 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol HKIT. Newbridge Securities and WestPark Capital are the joint bookrunners on the deal

The article Chinese micro-cap IT consulting provider HiTek Global ups share offering on $20 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

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