PicoCELA, a Japanese maker of mesh Wi-Fi access point devices, filed on Thursday with the SEC to raise up to $10 million in an initial public offering.
The Tokyo, Japan-based company plans to raise $10 million by offering 2 million ADSs at a price range of $4 to $6. At the midpoint of the proposed range, PicoCELA would command a market value of $125 million.
PicoCELA is engaged in the manufacturing and installation of, and provision of services for enterprise wireless mesh solutions. The company derives its revenues mainly from two sources: sales of product equipment, under which it develops mesh Wi-Fi access point devices; and SaaS, maintenance, and other services, under which it provides a cloud portal service in a SaaS model.
PicoCELA was founded in 2008 and booked $5 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol PCLA. The company filed confidentially on June 13, 2024. Benjamin Securities and Prime Number Capital are the joint bookrunners on the deal.
