ICZOOM Group, which operates a B2B e-commerce platform for electrical components and services in China, raised $6 million by offering 1.5 million shares at $4, the low end of the downwardly revised range of $4 to $5. The company originally planned to offer 4.4 million shares at a range of $5 to $6 before revising the terms this past September, and again in February.
The company has a market cap of less than $50 million at pricing. Because of this, ICZOOM Group will be excluded from Renaissance Capital's 2023 IPO stats.
ICZOOM operates an online B2B electronics trading platform primarily for small and medium enterprises in China. Operating as Pai Ming Shenzhen, its website offers semiconductor products like integrated circuits, discretes, and passive components, as well as other electronic components like electromechanical, maintenance, and design tools.
ICZOOM Group plans to list on the Nasdaq under the symbol IZM. The Benchmark Company acted as sole bookrunner on the deal.
