Huachen AI Parking Management Technology, a Chinese company that provides smart parking solutions and facility structural components, filed with the SEC on Wednesday to raise up to $25 million in an initial public offering.
The Pinghu, China-based company plans to raise $25 million by issuing 5 million shares at a price between $4 and $6. At the midpoint of the proposed price range, Huachen AI Parking Lot Management Technology's market value would be $175 million.
Hua Chen Technology specializes in smart parking solutions and equipment structural components. Its main products include a series of automated parking systems, such as PSH (lift and horizontal slide), PJSA (convenient lift) and PCS vertical lift, which are designed to maximize space utilization in urban environments. It also provides equipment structural components, such as conveyor belt components, feeder system components and railway accessories, as well as product design consulting and maintenance services for parking systems.
Based in Pinghu, China, the company was founded in 2004 and reported revenue of $34 million in 2023. The company plans to list on the Nasdaq under the symbol HCAI. Huachen AI Parking Management Technology filed confidentially on December 19, 2023. EF Hatton is the sole book-running manager for the transaction.
