Tungray Technologies Inc. Prices IPO at $4.00-$6.00 Per Share (TRSG)

Tungray Technologies Inc. (TRSG) plans to raise $6 million in an initial public offering (IPO) on the week of March 25th, IPO Scoop reports. The company will issue 1,300,000 shares at $4.00-$6.00 per share.

In the last twelve months, Tungray Technologies Inc. generated $13.2 million in revenue and $1.5 million in net income. The company has a market cap of $58.5 million.

US Tiger Securities acted as the underwriter for the IPO.

Tungray Technologies Inc. provided the following description of their company for its IPO: “We are an engineer-to-order (“ETO”) company that provides customized industrial manufacturing solutions to Original Equipment Manufacturers (“OEMs”) in the semiconductor, printer, electronics and home appliances sectors. As an ETO company, we take pride in our ability to design and build solutions that fulfil our customers’ unique specifications. (Incorporated in the Cayman Islands) Our capabilities in this field are the result of more than a decade of experience in completing various ETO projects. We mainly generate revenues through customized industrial manufacturing solutions, direct drive and linear direct current (“DC”) motors, and induction welding equipment manufacturing. During the year ended Dec. 31, 2021, 75.9% of our revenues were generated by customized industrial manufacturing solutions, while 10.1% of our revenues were generated by direct drive and linear direct current (“DC”) motors, and 14.0% of our revenues were generated by induction welding equipment manufacturing. Singapore is our main development and manufacturing location. We also have manufacturing bases in China, namely Qingdao and Shenzhen. During the year ended Dec. 31, 2021, 61.1% of our revenues were generated from Singapore and 38.9% were generated from China.  Our customers include industry-leading OEMs in the printer and electronics sectors in Singapore, and the home appliances manufacturing sector in China. We provide customized industrial manufacturing solutions through our two subsidiaries in Singapore, Tung Resource and Tungray Singapore, and one subsidiary in China, Tungray Industrial. Our Singapore subsidiaries are the main customer service point-of-contact for our non-Chinese market, such as Singapore and the Southeast Asia markets, while our Shenzhen subsidiary serves as a customer service point-of-contact for the Chinese market. Qingdao Tungray Intelligent designs and manufactures industrial-grade direct drive and linear DC motors. We also have ETO capabilities to provide customized motion platform solutions to suit the needs of our customers. Our direct drive motors do not require any gears for speed and torque manipulation as they can directly manipulate both parameters over a wide range of values. These motors are used, for example, in the solar panel assembly lines to turn and transport semi-completed products between different manufacturing processes. Our motion platforms offer two degrees of freedom to move independently in the X and Y axis, thereby eliminating the need for any belt or gears. These high precision platforms require two linear DC motors and are mainly used in the glue application and laser cutting machines, in which precise movements in X and Y directions are required. We have several patented technologies that are used in the manufacturing of our motors. Tongri Electric, our subsidiary in Qingdao, PRC, specializes in the design and manufacturing of self-contained high-frequency induction welding equipment. Tongri Electric manufactures manual and automatic induction welding equipment that is mostly used in the production of refrigerators, air conditioners and heat pump clothes dryers.  **Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended June 30, 2023. (Note: Tungray Technologies Inc. cut its micro-cap IPO in half in an F-1/A filing dated March 1, 2024, by reducing the number of shares to 1.25 million – down from 2.5 million – and keeping the price range at $4.00 to $6.00 to raise $6.25 million. Background: A year ago: Tungray Technologies Inc. filed its F-1 on March 9, 2023, and disclosed terms for its IPO: 2.5 million shares at $4.00 to $6.00 to raise $12.5 million. Tungray Technologies submitted confidential IPO documents to the SEC on Dec. 16, 2022.) “.

Tungray Technologies Inc. was founded in 1996 and has 173 employees. The company is located at #02-01, 31 Mandai Estate, Innovation Place Tower 4, Singapore 729933 and can be reached via phone at +65 6636 9820 or on the web at https://www.tungray.tech/.

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