Planet Image International, a Chinese toner cartridge manufacturer, lowered the number of shares it plans to offer in its upcoming US IPO.
The Xinyu, China-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. The company had previously filed to offer 4 million shares at the same price range. At the midpoint, Planet Image International will raise 69% less in proceeds than previously anticipated and command a market cap of $242 million.
Planet Image states that it is the largest compatible cartridge manufacturer in the world with a market share of 11% in 2022, ranking first in both the US and Europe. The company develops and manufactures toner cartridges that are compatible with a range of commonly available models of laser printers from different manufacturers, and operates under a number of different brands.
Planet Image International was founded in 2011 and booked $145 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol YIBO. Tiger Brokers is the sole bookrunner on the deal.
