China’s Ostin Technology files to hold $13.6M US IPO

By Val Kennedy,

China’s Ostin Technology (OST) has filed to raise approximately $13.6M through an initial public offering in the US.

The company plans to offer 3.4M shares at $4 per share, which is expected to generate net proceeds of $11.2M, according to a filing.

Ostin is incorporate in the Cayman Islands. It conducts most of its operations in China through a majority owned subsidiary Jiangsu Austin Optronics Technology Co. The company is a supplier of digital modules and polarizers in China for use in consumer electronics, outdoor LCD displays and automotive displays.

Ostin has applied to list its shares on the Nasdaq under the symbol OST. Prime Number Capital and Shengang Securities are serving as lead underwriters on the deal.

For the fiscal year ended Sept. 30, 2021, Ostin reported net income of $3.3M on revenue of $167.7M.

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