WeTrade Group, which operates a membership-based platform for e-commerce services in China, announced terms for its IPO on Wednesday.
The Beijing, China-based company plans to raise $50 million by offering 10 million shares at a price range of $4 to $6. The company's shares on the OTC (WETG) closed at $5.60 on June 7th. At the midpoint of the proposed range, WeTrade Group would command a market value of $1.6 billion. The IPO float represents only 3.2% of basic shares outstanding.
The company provides technical services and solutions via its membership-based social e-commerce platform, and derives revenue from service fees charged for transactions conducted on its e-commerce platform-based SaaS products.
WeTrade Group was founded in 2019 and booked $6 million in sales for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol WETG. Univest Securities is the sole bookrunner on the deal.
