Powerbridge Technologies, a China-based provider of global trade management applications and services, raised $9 million by offering 1.8 million shares at $5, within the range of $4.50 to $5.50. It had previously filed to raise $11 million by offering 2.2 million shares.
At IPO, Powerbridge Technologies had a market cap of $43 million; because the company's post-IPO market cap was less than $50 million, it is excluded from our IPO stats.
Powerbridge Technologies was founded in 1997 and booked $23 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol PBTS. Maxim Group LLC and The Benchmark Company acted as lead managers on the deal.
