LZ Technology Holdings, which provides advertising services via a network of monitors across China, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Huzhou, China-based company now plans to raise $8 million by offering 1.5 million shares at a price range of $4 to $6. The company had previously filed to offer 10 million shares at the same range. At the midpoint, LZ Technology Holdings will raise 85% less in proceeds than previously anticipated.
LZ Technology is an information technology and advertising company with operations across three business verticals: Out-of-Home Advertising, Local Life, and Smart Community. Through out-of-home advertising, the company places advertisements on monitors and within its SaaS software, capitalizing on its network of monitors across approximately 120 cities in China. The company also partners with other outdoor advertising providers to maximize coverage. Through its local life offering, LZ Technology connects local businesses with consumers via online promotions and transactions, and through its smart community offering, it provides intelligent community building access and safety management systems.
LZ Technology Holdings was founded in 2014 and booked $116 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol LZMH. Benjamin Securities and EF Hutton are the joint bookrunners on the deal.
