QMMM Holdings, a Hong Kong-based provider of digital media advertising services, raised the proposed deal size for its upcoming IPO on Friday. The company originally filed in October 2023, but it was ineligible for tracking by Renaissance Capital because it planned to raise less than $5 million.
The Hong Kong-based company now plans to raise $8 million by offering 1.6 million shares at $5. The company had previously filed to offer 0.96 million shares at the same price. At the revised terms, QMMM Holdings will raise 67% more in proceeds than previously anticipated.
QMMM Holdings is a digital media advertising service and virtual avatar & virtual apparel technology service company. Through its operating subsidiaries ManyMany Creations and Quantum Matrix, the company has been involved in over 500 commercial campaigns, working with domestic and international banks, real estate developers, and amusement parks, among other types of companies.
QMMM Holdings was founded in 2014 and booked $3 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol QMMM. Pacific Century Securities is the sole bookrunner on the deal.
