Lianhe Sowell International Group (LHSW) said Friday it closed its initial public offering of 2 million ordinary shares at $4 per share for gross proceeds of $8 million.
The underwriters were granted a 30-day option to buy up to 300,000 more shares at the public offering price to cover any overallotments, the company said.
The company said it plans to use the net proceeds for general corporate purposes and working capital; to invest in machine vision business and research and development; and to expand its spray painting robot business.
The company's shares were down 16% in recent trading.
Price: 3.60, Change: -0.69, Percent Change: -16.08
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