WiMi Hologram Cloud, a Chinese provider of ad services and software used in holographic augmented reality, lowered the proposed deal size for its upcoming IPO on Friday, March 20. In its latest filing, the company also removed Everbright Sun Hung Kai as an underwriter and added the coronavirus as a risk factor.
The Beijing, China-based company now plans to raise $33 million by offering 5 million ADSs at a price range of $5.50 to $7.50. The company had previously filed to offer 4 million ADSs at a range of $7.50 to $9.50. At the midpoint of the revised range, WiMi Hologram Cloud will command a $385 million market cap (-22% vs. original midpoint).
WiMi Hologram Cloud was founded in 2015 and booked $39 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol WIMI. The Benchmark Company, Valuable Capital, Maxim Group LLC, China Merchants Securities, AMTD Global Markets, BOCI Asia and Axiom Capital Management are the joint bookrunners on the deal.
