ismagilov

Taiwanese bike frame maker J-Star (YMAT) has downsized its proposed US initial public offering to $18M from $22M.

J-Star said in a filing that it was now looking to offer 4M shares priced between $4 and $5, which would raise around $18M if priced at the midpoint. The company is seeking to have its shares listed on Nasdaq under the symbol YMAT.

Underwriters would be granted at 45-day option to buy up to 600K additional shares at the IPO price. Freedom Capital Markets and Maxim Group are serving as lead bookrunners.

In September, J-Star said it was considering offering 5.375M shares priced at $4 per share, which would have raised close to $22M. The company has adjusted terms on the deal a few times over the past year, with one proposal filed in July seeking $15M. It's also switched underwriters.

J-Star first filed for the IPO in March 2022.

Incorporated in the Cayman Islands but based in Taiwan, J-Star is a maker of carbon composite-based products such as bike and tennis racket frames. The company conducts its operations through subsidiaries in China, Taiwan, Hong Kong and Samoa.

For more on J-Star, read SA contributor Donovan Jones’s “J-Star Holding Seeks US IPO for Production Expansion”.