Dear Industrial Gas filed an S-1 for its initial public offering on the Nasdaq Capital Market under the proposed ticker KFDE. The California-based company plans to offer 5,000,000 shares at a fixed price of $5.00 per share. The company says the offering will not be completed unless its shares are approved for listing on Nasdaq.
Business Description
Dear Industrial Gas provides AI-driven industrial software along with industrial gas and cryogenic air separation solutions for sectors such as steel, chemicals, energy, electronics, and manufacturing. Its offerings include engineering design, equipment manufacturing, system integration, technical support, training, and long-term maintenance services aimed at improving energy efficiency, reliability, and safety.
The company’s strategy centers on customized on-site gas production, intelligent monitoring, and lifecycle support, combining cryogenic expertise with digital tools. Dear Industrial Gas plans to expand internationally, build partnerships, and pursue selective acquisitions to broaden its capabilities and client base.
Market Overview
- Total addressable market: Not disclosed in the filing
- Market growth: Not disclosed in the filing
- Market position: Early-stage entrant targeting industrial gas and air separation solutions with AI-driven software
- Key competitors: Not disclosed
- Industry trends: Energy efficiency, digitalization, and on-site industrial gas supply solutions
Operational Metrics
- Customers: Not disclosed; company is in early stages
- Locations: Cupertino, California (office space utilized; not owned or leased with rent)
- Geographic presence: Focus on U.S. base with planned expansion across Asia and global markets
- Partnerships: Anticipates working with third-party providers and strategic partners; specifics not disclosed
- Orders/GMV: Not disclosed
- Other key metrics: 20,000,000 shares outstanding pre-offering; authorized 1,000,000,000 shares; management team of six; no patents or trademarks disclosed; transfer agent to be appointed
Financials Highlights
- Revenue (current): Not disclosed
Management
- Hai Xia, Chairperson of the Board, Director - Veteran leader in air separation; led smart factory initiatives and AI/digital twin projects at Kaifeng Dier Air Separation.
- Li Guanxiong, CEO, Director - Senior engineer with Ph.D.; led development of intelligent air separation production lines and unmanned systems.
- He Baotang, Vice Chairperson, Director - Over 40 years in air separation; former chairman of Kaifeng Dier; recognized industry leader.
- Wu Di, COO, Director - Background in corporate management, financing, and M&A led digital-intelligent air separation initiatives.
- Li Peiwen, CFO, Director - Finance executive with experience in internal controls, budgeting, and compliance.
- He Donglin, CTO, Director - Led key R&D for large air separation units and gas purification processes; holds multiple patents.
IPO Structure
- Issuer: Dear Industrial Gas Inc
- Filing date: July 02, 2026
- Proposed ticker: KFDE
- Exchange: Nasdaq Capital Market
- Price range: $5.00 (fixed price)
- Offering size: $25,000,000 (5,000,000 shares at $5.00)
- Shares offered: 5,000,000 shares
- Lead underwriters: Manhattan Securities Group
- Use of proceeds: Business development, marketing, regulatory reporting costs, potential strategic acquisitions, global expansion, and general working capital.
Original SEC Filing:
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