U-BX Technology, which provides a variety of services to insurance companies in China, filed on Friday with the SEC to raise up to $30 million in an initial public offering.
The Beijing, China-based company plans to raise $30 million by offering 6.0 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, U-BX Technology would command a market value of $143 million.
U-BX Technology's business consists of digital promotion services, risk assessment services, and value-added bundled benefits. U-BX China helps its clients gain visibility on various social media platforms in addition to developing an algorithm to calculate payout risks for insurance carriers to underwrite auto insurance coverage. Utilizing its proprietary algorithmic model, U-BX Technology is able to generate individualized risk reports based on the vehicle brand, model, travel area, and vehicle age. Its client base consists of more than 300 city-level property and auto insurance carriers nationwide, along with approximately 200,000 insurance brokers that use our products and services to conduct business on a daily basis.
U-BX Technology was founded in 2018 and booked $72 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol UBXG. Boustead Securities is the sole bookrunner on the deal.
