Webus International, which provides charter bus services and guided tours in China, lowered the proposed deal size for its upcoming IPO on Thursday.
The Hangzhou, China-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 4 million shares at a range of $4 to $6. At the midpoint of the revised range, Webus International will raise -16% less in proceeds than previously anticipated and command a market cap of $174 million.
Webus says it provides cost-effective mobility solutions with real-time AI-augmented online support and 24-7 itinerary management support through its VIE and subsidiary Wetour. The company offers commute shuttle services (7% of 1H FY23 revenue), customized chartered bus services (50%), and packaged tour services (44%) to customers in China.
Webus International was founded in 2019 and booked $12 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol WETO. Network 1 Financial Securities is the sole bookrunner on the deal.
