A Chinese augmented reality platform, which has seen strong growth this March quarter, is part of the IPO slate of this week.
The IPO Terms
Beijing, China-based WiMi Hologram Cloud Inc.
is planning to offer 4 million ADSs, representing 8 million of its Class B ordinary shares, in an IPO, according to preliminary prospectus.
The company expects to price the offering between $7.50 and $9.50.
At the midpoint of the price range, the offering is likely to generate gross proceeds of $34 million.
Benchmark, Maxim Group, China Merchants Securities BOCI and AMTD Global Markets are the lead underwriters for the offering.
WiMi offers augmented reality-based holographic services and products, with focus on providing an innovative, immersive and interactive holographic augmented reality experience for customer and end users.
The company's offerings currently include holographic AR advertising services and holographic AR entertainment products, with the former fetching about 80.5% of its total revenues in the fiscal year 2018 and the latter the remaining 19.5%.
WiMi reported revenues of $32.82 million for the fiscal year 2018, up about 17% year-over-year.
The net income climbed about 21.7% to $12.999 million.
Revenues for the quarter ended March 31 climbed nearly 60% to $11.66 million and net income advanced 69% to $5.57 million.
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