Global Mofy Metaverse, a Chinese provider of virtual content and digital marketing services, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Beijing, China-based company now plans to raise $6 million by offering 1.2 million shares at a price range of $4.50 to $5.50. The company had previously filed to offer 6 million shares at the same range. At the revised deal size, Global Mofy Metaverse will raise -80% less in proceeds than previously anticipated and command a market value of $130 million (-14% vs. original terms).
Global Mofy Metaverse engages in virtual content production, digital marketing, and digital assets development for the metaverse industry utilizing its proprietary "Mofy Lab" technology platform which consists of 3D rebuilt technology and AI interactive technology. The company states that it has attracted high-profile customers such as L'Oreal and Pepsi, and has earned repeat business.
Global Mofy Metaverse was founded in 2017 and booked $17 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol GMM. Maxim Group LLC is the sole bookrunner on the deal.
