Pyro AI, a Hong Kong-based mobile and online game developer, filed on Wednesday with the SEC to raise up to $10 million in an initial public offering.
The company plans to raise $10 million by offering 2.3 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Pyro AI would command a market value of $110 million.
Pyro AI is a mobile and online game developer in Hong Kong. Originally operating as a licensee of games owned by third parties, the company now develops and owns its own games, and it's expanding its business to include a proprietary mobile and online platform, which it plans to release in the 1H25. Currently, its core product offerings are own games development, licensing of third party games, and software game development services.
Pyro AI was founded in 2020 and booked $6 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol PYRO. The company filed confidentially on January 17, 2024. Cathay Securities is the sole bookrunner on the deal.
