Wellchange Holdings, a Hong Kong-based provider of customized software solutions for SMBs, filed on Thursday with the SEC to raise up to $9 million in an initial public offering.
The company plans to raise $9 million by offering 2 million shares (45% secondary) at a price range of $4 to $5. At the midpoint of the proposed range, Wellchange Holdings would command a market value of $95 million.
Through its operating subsidiary, the company provides customized software solutions, cloud-based SaaS platforms, and "white-label" software design and development services, particularly for small and medium-sized businesses (SMBs). For the year ended December 31, 2022, the company had 83 customers.
Wellchange Holdings was founded in 2012 and booked $2 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol WCT. The company filed confidentially on September 28, 2023. Pacific Century Securities is the sole bookrunner on the deal.
