Lichen China, which provides financial and tax consultation and education support services in China, lowered the proposed deal size for its upcoming IPO on Thursday.
The Jinjiang, China-based company now plans to raise $18 million by offering 4.5 million shares at $4. The company had previously filed to offer 6.3 million shares at the same price. At the revised terms, Lichen China will raise 28% less in proceeds than previously anticipated.
Lichen China describes itself as a leading financial and taxation service provider in China. The company provides financial and taxation solution services, education support services, and software and maintenance services under the “Lichen” brand. Lichen China works with “Partnered Institutions” across 11 provinces and 22 cities in China, providing education support services to them while leveraging their networks to promote its brand and services.
Lichen China was founded in 2004 and booked $33 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol LICN. Univest Securities is the sole bookrunner on the deal.
