Oriental Culture Holding, which operates an online marketplace for artists and collectors in China, raised the proposed share offering for its upcoming IPO on Friday.
The Nanjing, China-based company now plans to raise $20 million by offering 5.1 million shares at a price range of $4 to $4. The company originally planned to offer 2.5mm shares at $4, before increasing the offer to 5 million shares at the same price earlier this month. At $4, Oriental Culture Holding would command a market cap of $81 million, a 32% decrease from its previous terms due to the creation of treasury shares from shares surrendered by insiders.
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.
