Webus International, which provides charter bus services and guided tours in China, lowered the proposed deal size for its upcoming IPO on Monday.
The Hangzhou, China-based company now plans to raise $8 million by offering 1.9 million shares at a price range of $4 to $5. The company had previously filed to offer 3.8 million shares at the same range. At the midpoint, Webus International will raise 50% less in proceeds than previously anticipated.
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, customized chartered bus services, and packaged tour services to customers in China.
Webus International was founded in 2019 and booked $6 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol WETO. Network 1 Financial Securities is the sole bookrunner on the deal.
