WF International (WXM) to Raise $6 Million in IPO

WF International (WXM) expects to raise $6 million in an initial public offering on Thursday, March 27th, IPO Scoop reports. The company plans to issue 1,400,000 shares at a price of $4.00 per share.

In the last year, WF International generated $15.5 million in revenue and $1 million in net income. WF International has a market-cap of $27.6 million.

The Benchmark Company and Axiom Capital Management acted as the underwriters for the IPO.

WF International provided the following description of their company for its IPO: “(Incorporated in the Cayman Islands) WF International is a holding company. As a holding company with no material operations of its own, WF conducts substantially all of its operations through our PRC subsidiaries, primarily Shanyou HVAC, which started its business in Chengdu, China in 2009. We are principally engaged in the provision of supply, installation, fitting-out and/or maintenance services for HVAC systems, floor heating systems, and water purification systems. We have provided the supply, installation and fitting-out services for HVAC systems for large-scaled commercial projects, such as the International Finance Square HVAC projects across China, Chengdu Vanke Charm City, Chengdu Raffles Plaza, Chengdu Yinshi Plaza, Chengdu Metro No. Ten Line, and Panzhihua Jinhai Hotel. Since 2017, we have diversified our range of services or products to encompass heating and water purification solutions. Our offerings now include sales, installation, fitting-out, and/or maintenance services of HVAC systems, floor heating systems and water purification systems in the high-end fully furnished residential projects. Our current primary focus is on collaborating with property development companies that offer high-end fully furnished homes and pursuing contracts in industrial projects. We provide these clients with comprehensive electromechanical solutions for HVAC systems, floor heating systems and water purification systems. This approach has positioned us as an integrated supplier of both electromechanical products and installation services. We are driven by an experienced management team. Led by our CEO, Ke Chen, our business operation has formed a strong customer base in Chengdu and has expanded to neighboring cities including Meishan City and Mianyang City in Sichuan province, China. With the expansion of our customer base, the demand for our services has grown in recent years. We generate revenues primarily through contracting services consisting of sales of products and provision of services. During the fiscal year ended September 30, 2024 and 2023, our revenues were approximately $15.5 million and $15.3 million, respectively. We generated net income of approximately $1.0 million and $1.5 million for the fiscal year ended September 30, 2024 and 2023, respectively. We derive our income from three main sources: construction projects (including equipment sales and installation services), sale of products, and installation, maintenance and repair services. Our primary products for sale are central air conditioners to commercial clients. Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the fiscal year that ended on Sept. 30, 2024. “.

WF International was founded in 2009 and has 27 employees. The company is located at No. 1110, 11th Floor, Unit 1, Building 7, No. 477, Wanxing Road Chengdu, Sichuan, China, 610041 and can be reached via phone at +86 (28) 86210882.