AgiiPlus, a Chinese workspace provider, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $39 million by offering 8.7 million shares at a price range of $4 to $5. At the midpoint of the proposed range, AgiiPlus would command a market value of $406 million.
AgiiPlus has established a network of workspaces in China and Singapore. Through its PRC subsidiary Shanghai Distrii Technology Development, the company offers enterprise customers flexible and cost-effective space solutions in centrally located business districts in tier-one and new tier-one cities in China and Singapore. As of June 30, 2022, AgiiPlus maintained a network of 65 Distrii workspaces across seven different cities, with a total managed area of approximately 2.8 million square feet and 45,607 total workstations.
AgiiPlus had previously planned to go public in the US via SPAC Goldenbridge Acquisition (GBRG) at a $578 million enterprise value, but mutually agreed to terminate the merger agreement this past May.
Chinese stocks were up broadly on Monday after rumors that the country would soon ease COVID-19 lockdowns.
AgiiPlus was founded in 2016 and booked $77 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol AGII. Tiger Brokers is the sole bookrunner on the deal.
