AgiiPlus, a Chinese workspace provider, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Tiger Brokers with EF Hutton, and disclosed financials for the six months ended June 30, 2023.
The Shanghai, China-based company now plans to raise $11 million by offering 2 million shares at a price range of $5.00 to $6.00. The company had previously filed to offer 4.5 million shares at a range of $4.50 to $6.00. At the midpoint of the revised range, AgiiPlus will raise 53% less in proceeds than previously anticipated. The IPO float is just 4.4% of basic shares outstanding.
AgiiPlus has established a network of workspaces in China and Singapore. Through its PRC subsidiary Shanghai Distrii Technology Development, the company offers enterprise customers flexible and cost-effective space solutions in centrally located business districts in tier-one and new tier-one cities in China and Singapore. As of June 30, 2023, AgiiPlus maintained a network of 52 Distrii workspaces across seven different cities, with a total managed area of approximately 2.1 million square feet and 34,767 total workstations.
AgiiPlus was founded in 2016 and booked $67 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol AGII. EF Hutton is the sole bookrunner on the deal.
