Chinese automotive rubber and plastic seal supplier RLEA.US (RLEA.US) raised its IPO by 67% to raise US$25 million

The Zhitong Finance App learned that on Tuesday, Chinese automotive rubber and plastic sealing strip supplier Rubber Leaf (Rubber Leaf) raised the scale of its proposed IPO issuance. The company now plans to issue 6.3 million shares at a price of $4 per share to raise $25 million; previously, the filing plan was to issue 3 million shares in the price range of $4-6. According to the revised terms, the amount of capital raised will increase by 67% over previous expectations, and the market value will reach US$189 million. The company is currently listed on the OTC (OTC) market under the code “RLEA”.

Rubri mainly operates through its subsidiary Ruibri Seals (Zhejiang) Co., Ltd., focusing on the production and sale of automotive rubber and plastic seals. Rubri is a supplier to several major automotive OEMs, including eGT New Energy Automotive (eGT New Energy Automotive) and Volkswagen, a joint venture between Dongfeng, Renault, and Nissan.

The Ningbo-based company was founded in 2019 and achieved revenue of $7 million over the 12 months ending December 31, 2024. The company plans to list on NASDAQ, the stock code is still RLEA, and Prime Number Capital is the sole bookkeeper.