Leather products maker Lizhan files for IPO

/ Source: The Associated Press

Leather products maker Lizhan Environmental Corp. on Friday priced its planned initial public offering of 1.8 million shares at $5 to $6 per share.

Lizhan is based in China and makes and sells synthetic leather and other products made from recycled leather waste. It sells its products to furniture, automotive upholstery and garment manufacturers and fabric distributors. Lizhan said it earned $6.3 million in the nine months ended June 30, on revenue of $34.6 million.

The company has not set a date for its IPO. It said it will have 13 million shares on the market if the offering is completed. The underwriters of the offering are Maxim Group and Aegis Capital, and those firms will have the option to buy another 273,000 shares to cover any over allotments.

In a filing with the Securities and Exchange Commission, the company said it applied to list its shares on the Nasdaq Global Market under the symbol "LZEN."