Pop Culture Group, which plans and hosts hip-hop events and programs in China, filed on Tuesday with the SEC to raise up to $30 million in an initial public offering.
The Xiamen, China-based company plans to raise $30 million by offering 6 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Pop Culture Group would command a market value of $90 million.
Pop Culture Group hosts entertainment events, operates hip-hop related online programs, and provides event planning and execution services and marketing services to corporate clients. In recent years, the company has focused on developing and hosting its own hip-hop events, and it owns a portfolio of intellectual property rights related to hip-hop events, including a stage play, dance competitions or events, cultural and musical festivals, and promotional parties that feature live hip-hop performances in karaoke bars or amusement parks.
Pop Culture Group was founded in 2007 and booked $16 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol CPOP. The company filed confidentially on May 8, 2020. Network 1 Financial Securities is the sole bookrunner on the deal.
