The Glimpse Group, which owns and operates a portfolio of virtual and augmented reality companies, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $12 million by offering 1.8 million shares (6% secondary) at a price range of $6 to $8. At the midpoint of the proposed range, The Glimpse Group would command a fully diluted market value of $84 million.
Glimpse Group is a hardware agnostic virtual (VR) and augmented (AR) reality platform company, comprised of a diversified group of wholly-owned and operated VR and AR companies, providing enterprise-focused software, services, and solutions. The company currently owns and operates eight wholly-owned subsidiaries that target a wide array of industry verticals, including corporate training, education, and healthcare, among others. Glimpse does not currently target direct-to-consumer VR/AR software or services, only business-to-business and business-to-business-to-consumer.
The Glimpse Group was founded in 2016 and booked $3 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol VRAR. EF Hutton is the sole bookrunner on the deal.
