Oriental Culture Holding, which operates an online marketplace for artists and collectors in China, raised the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed updated financials for the year ended December 31, 2019.
The Nanjing, China-based company now plans to raise $20 million by offering 5 million shares at $4. The company had previously filed to offer 2.5 million shares at the same price. At $4, Oriental Culture Holding will raise 100% more in proceeds than previously anticipated to command a $107 million market value.
For the year ended December 31, 2019, revenue more than doubled to $13 million, while gross margin declined 44 bps to 90%. Adjusted EBITDA more than tripled to $9 million, and adj. EBITDA margin jumped 18 points to 69%. Operating cash flow nearly tripled to $10 million.
Oriental Culture Holding was founded in 2018 and booked $13 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol OCG. ViewTrade is the sole bookrunner on the deal.
