$SWA · Simwon America Corp.
Simwon America Corp., a California-based automotive Body-in-White and hot press forming manufacturer serving Tesla, filed Amendment No. 2 to its S-1 for an IPO of 2,500,000 shares on a firm commitment basis. The offering comprises 1,500,000 shares from the company and 1,000,000 from selling stockholders, priced at $18.00-$22.00 per share. At the $20.00 midpoint, gross proceeds total $50,000,000, with $27.9M to the company and $18.6M to selling stockholders before expenses. WallachBeth Capital LLC is the sole underwriter, with a 15% over-allotment option for up to 375,000 additional shares.
- Offering of 2.5M shares: 1.5M by company, 1.0M by selling stockholders.
- Price range $18.00-$22.00; midpoint $20.00 implies $50M gross proceeds.
- Underwriting discount of $1.40/share, totaling $3.5M at midpoint.
- Company proceeds before expenses of $27.9M; selling stockholders receive $18.6M.
- Underwriter warrant for 5% of shares sold; 15% over-allotment option (375,000 shares).
Price data unavailable.
A Tesla supply-chain manufacturer is moving toward a Nasdaq listing, with 40% of the offering coming from selling stockholders rather than the company.
Simwon supplies Body-in-White and hot press forming components to Tesla, positioning it within the EV supply chain alongside Korean peers MS Autotech and Myoung Shin Industry.
Nasdaq listing not yet approved; closing is conditioned on final approval. Company is an emerging growth company with reduced reporting requirements and warns investors may lose all of their investment.