LPC filed for an initial public offering in the U.S.

The company, whose Malaysia-based subsidiary Lotus Power Corp. sells electric distribution equipment, plans to list 3.75 million shares at a price of around $5 a share, according to a Friday filing with the Securities and Exchange Commission.

The IPO would net around $16.9 million for the company, or around $19.6 million if the underwriters exercise a 45-day option to buy up to an additional 562,500 shares to cover any over-allotments.

The company plans to use about 60% of the proceeds to expand its manufacturing capabilities, about 20% to strengthen project execution, and the remainder for general working capital and corporate purposes.

The company will continue to be majority-owned by its controlling shareholder, Ong Chuan Lam, after the offering, according to the filing. He will have a roughly 64.8% stake following the IPO.

It intends to apply to list shares on Nasdaq under the symbol LPCI.