Zhibao Technology, a digital insurance brokerage in China, raised $6 million by offering 1.5 million shares at $4, the low end of the range of $4 to $6. The company offered 0.3 million more shares than anticipated. The IPO float is just 4.7% of basic shares outstanding.
Operating through Zhibao China Group, the company provides digital insurance brokerage services in China using a to-business-to-customer (2B2C) digital embedded insurance model. 2B2C digital embedded insurance refers to a one-stop customized insurance brokerage model, under which the company provides insurance solutions to be digitally embedded in the existing customer engagement matrix of its business entities to reach and serve their existing pool of end customers. Zhibao launched its digital insurance brokerage platform in 2020 and offers a portfolio of services including insurance brokerage services and managing general underwriting services.
Zhibao Technology plans to list on the Nasdaq under the symbol ZBAO. EF Hutton acted as sole bookrunner on the deal.
