EvoAir Holdings, a Malaysia-based maker of “environmentally friendly” HVAC systems, announced terms for its initial public offering on Thursday.
The Kuala Lumpur, Malaysia-based company plans to raise $9 million by offering 2 million shares priced at $4 to $5. At the midpoint of the proposed range, EvoAir Holdings would achieve a market cap of $131 million.
Evoair Holdings is primarily engaged in the development, manufacture, sale and marketing of “environmentally friendly” heating, ventilation and air conditioning (HVAC) products for residential, commercial and industrial purposes. The company's HVAC systems utilize proprietary thermal emission control system technology and its product portfolio includes EvoAir brand air conditioners and e-Cond EVO brand portable air conditioners. Evoair operates production facilities in China and Malaysia.
EvoAir Holdings was founded in 2017 and plans to list on Nasdaq under the symbol EVOH. Network 1 Financial Securities is the sole bookrunner on the transaction.