TRX Insurance Brokers, a Chinese insurance brokerage with a network of 40 insurers, announced terms for its IPO on Monday.
The Beijing, China-based company plans to raise $13 million by offering 3 million shares at a price range of $4.00 to $4.50. At the midpoint of the proposed range, TRX Insurance Brokers would command a market value of $34 million. Because its market cap is less than $50 million, TRX Insurance Brokers does not qualify for Renaissance Capital tracking and will be excluded from our stats.
TRX Insurance Brokers was founded in 2010 and booked $2 million in revenue for the 12 months ended October 31, 2019. It plans to list on the Nasdaq under the symbol TIRX. Network 1 Financial Securities is the sole bookrunner on the deal.
