Chinese tire company, Kingtitan Technology, is seeking to raise up to $19 million in an initial public offering. The company, based in Yulin, China, plans to offer 3.8 million shares at a price range of $4 to $6 per share with the aim of raising $19 million. At the midpoint of this range, Kingtitan Technology would have a market value of $119 million.
Kingtitan Technology is primarily focused on developing and manufacturing non-pneumatic tires for different applications such as sanitation industry truck tires, pan-travel tires, and intelligent robot tires. In addition to non-pneumatic tires, the company also generates revenue from selling other products like tire loading machines and wheel hubs.
The company was founded in 2018 and reported $1 million in sales for the 12 months ending September 30, 2023. It plans to list on the Nasdaq under the symbol KTA with Cathay Securities acting as the sole bookrunner on the deal. Kingtitan Technology initially filed confidentially on December 6, 2023.
