AgiiPlus, a Chinese workspace provider, revised the terms for its upcoming IPO on Wednesday.
The Shanghai, China-based company now plans to raise $24 million by offering 4.5 million shares at a price range of $4.50 to $6.00. At the midpoint, it would command a market value of $239 million. The company originally set IPO terms in November 2022, planning to raise $39 million at a market cap of $406 million. At the revised terms, AgiiPlus will raise 40% less in proceeds than previously anticipated.
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 was founded in 2016 and booked $75 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.
