Taiwanese bike body maker J-Star (YMAT) has downsized its proposed US preliminary public providing to $18M from $22M.

J-Star mentioned in a submitting that it was now seeking to provide 4M shares priced between $4 and $5, which might increase round $18M if priced on the midpoint. The corporate is searching for to have its shares listed on Nasdaq below the image YMAT.

Underwriters can be granted at 45-day possibility to purchase as much as 600K further shares on the IPO value. Freedom Capital Markets and Maxim Group are serving as lead bookrunners.

In September, J-Star mentioned it was contemplating providing 5.375M shares priced at $4 per share, which might have raised near $22M. The corporate has adjusted phrases on the deal just a few occasions over the previous 12 months, with one proposal filed in July searching for $15M. It is also switched underwriters.

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

Integrated within the Cayman Islands however primarily based in Taiwan, J-Star is a maker of carbon composite-based merchandise corresponding to bike and tennis racket frames. The corporate conducts its operations via subsidiaries in China, Taiwan, Hong Kong and Samoa.

For extra on J-Star, learn SA contributor Donovan Jones’s “J-Star Holding Seeks US IPO for Manufacturing Growth”.