Planet Image International, a Chinese toner cartridge manufacturer, filed on Wednesday with the SEC to raise up to $27 million in an initial public offering.
The Xinyu, China-based company plans to raise $27 million by offering 6 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Planet Image International would command a market value of $264 million.
Planet Image International states that it is the second largest compatible cartridge manufacturer in the world as of 2020, with the largest market share in the US and second largest in Europe. The company develops and manufactures toner cartridges that are compatible with a range of commonly available models of laser printers from different manufacturers, and operates under a number of different brands.
The company was founded in 2011 and booked $146 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq, although it has yet to select a ticker (RC ticker: PLIM.RC). Planet Image International filed confidentially on August 30, 2021. Network 1 Financial Securities is the sole bookrunner on the deal.
