Erayak Power Solution Group Inc.
Erayak Power Solution Group Inc. was formed in 2019 under the laws of the Cayman Islands. We conduct business primarily through our wholly owned subsidiaries, Zhejiang Leiya and Wenzhou New Focus, in the People’s Republic of China, or the PRC. Our company specializes in the manufacturing, research and development (“R&D”), and wholesale and retail of power solution products. Zhejiang Leiya’s product portfolio includes sine wave and off-grid inverters, inverter and gasoline generators, battery and smart chargers, and custom-designed products. Our products are customized and built to order, or BTO. Our BTO business model maximizes our flexibility in production scheduling, material procurement and delivery to meet our customers’ unique demands.
Our products are used principally in agricultural and industrial vehicles, recreational vehicles (“RVs”), electrical appliances and outdoor living products. Our primary office is located in Zhejiang province, where we serve a large customer base throughout PRC and expand our reach to international clients. Our goal is to be the premier power solutions brand and a solution for mobile life and outdoor living. We seek to leverage our flexibility and passion for quality to provide a personalized mobile living solution for each customer.
Since the founding of Zhejiang Leiya in 2009, it has grown to be a manufacturer that not only designs, develops and mass produces our own brand of premium power solution products, but has also established e-commerce channels in the retail chain. We, through our PRC subsidiaries, also offer our products in Japan, England, Germany, France, Spain, Switzerland, Sweden, the Netherlands, the U.S., Canada, Mexico, Australia, Dubai and nine other countries. Zhejiang Leiya manufactures all of our products in factories operating under quality management systems accredited by the International Organization for Standardization (ISO 9001:2015).
We generated revenue mostly from three types of products: (1) inverters constituted approximately 82% and 86% of our total revenue for the fiscal years ended December 31, 2021, and 2020, respectively; (2) chargers, which generated approximately 7.52% and 7.39% of our total revenue for the fiscal years ended December 31, 2021, and 2020, respectively; (3) gasoline generators generated approximately 8.28% and 4.91% of our total revenue for the fiscal years ended December 31, 2021, and 2020, respectively.
**Note: For the fiscal year ended Dec. 31, 2021, Erayak reported revenue of $18.63 million and net income of $3.39 million.
**Note: Revenue and net income figures in the chart below are for the 12 months that ended on June 30, 2022.
(Note: Erayak Power Solution Group trimmed its IPO to 3.0 million shares at $4.00 – down from 3.5 million at $4.00 to $5.00 – in an F-1/A filing dated Nov. 16, 2022. Previously: Erayak Power had increased the size of its IPO in an F-1/A filing dated Oct. 26, 2022, and changed underwriters – to Craft Capital Management and R.F. Lafferty & Co. as joint book-runners, a switch from Prime Number Capital and Shengang Securities. The new terms, as of the Oct. 26, 2022, filing (F-1/A) are: 3.5 million shares, up from 3.0 million shares initially, at a lower price range of $4.00 to $5.00, down from $4.00 to $6.00, to raise $15.75 million, up from $15.0 million initially. The new terms also cut the company’s valuation. Erayak Power Solution Group also disclosed updated financial statements through the first half of 2022. Erayak Power Solution Group filed its F-1 on Jan. 21, 2022, following its confidential IPO paperwork filing on Aug. 2, 2021.)
|Industry:||Motors & Generators|
|Address||No. 528, 4th Avenue Binhai Industrial Park Wenzhou, Zhejiang Province People’s Republic of China 325025|
|View Prospectus:||Erayak Power Solution Group Inc.|
|Revenues||$22.1 mil (last 12 months)|
|Net Income||$4.18 mil (last 12 months)|
|Price range||$4.00 - $4.00|
|Est. $ Volume||$12.0 mil|
|Manager / Joint Managers||Craft Capital Management/ R.F. Lafferty & Co.|
|Expected To Trade:||12/14/2022|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|