Chinese copper and copper alloy products manufacturer Xinxu Copper Industry Technology Limited (XXC.US) announced on Monday a significant increase in the size of its upcoming initial public offering. The Wuhu-based company now intends to issue 3 million shares, priced between $5 and $6 per share, aiming to raise $17 million.

This revised plan marks a substantial change from the company's earlier IPO filing, which proposed an offering of 1.5 million shares within a price range of $4 to $5 per share. Based on the midpoint of the updated price range, the fundraising amount for Xinxu Copper Industry Technology is set to surge by 144% compared to previous expectations, with an estimated market capitalization of approximately $127 million.

Operating primarily through its subsidiary Anhui Xinxu, the company is engaged in the research and development, manufacturing, processing, sales, and distribution of copper and copper alloy products. Its product portfolio includes T2 red copper rods, T2 tin-plated copper rods, T2 copper rods, electrolytic copper, and aluminum rods, among others. For the twelve-month period ended December 31, 2024, the company reported revenue of $123 million.

Xinxu Copper Industry Technology plans to list on the NASDAQ stock exchange under the ticker symbol "XXC." The joint bookrunners for the transaction are Craft Capital Management and R.F. Lafferty & Co.