EPWK Holdings, which operates an online freelance and crowdsourcing marketplace in China, raised the proposed deal size for its upcoming IPO on Thursday.
The Xiamen, China-based company now plans to raise $14 million by offering 2.8 million shares at a price range of $4 to $6. The company had previously filed to offer 1.5 million shares at a range of $7 to $8. At the midpoint of the revised range, EPWK Holdings will raise 25% more in proceeds than previously anticipated.
EPWK operates a digital crowdsourcing marketplace with a comprehensive services catalog and an efficient search, find, and order process to match "buyers" and "sellers." Buyers include micro, small, and medium-sized businesses from various industries, and sellers consist of student artists, professional designers, part-time freelancers, and micro, small, and medium-sized businesses with different talents, skills, and services to offer. As of June 30, 2024, EPWK's platform had approximately 8.7 million active buyers and 16.9 million sellers across more than 2,800 cities and counties.
EPWK Holdings was founded in 2011 and booked $20 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol EPWK. Cathay Securities and Revere Securities are the joint bookrunners on the deal.
