Boqii Holding Limited share price slumped 28% on its first day of trading on September 30, 2020 and closed at $7.20, giving the company a market cap of approximately $653 million.
The largest pet-focused platform in China raised $70 million by offering 7 million ADSs at $10, low end of the proposed range of $10 to $12.
The company launched online retail to help pet parents get reliable information and things that they are looking for such as pet foods, toys, vitamins, and shampoos. Besides, they also built close relationships with over 410 brand partners and a large base of physical pet stores and pet hospitals.
The Shanghai, China-based company was founded in 2008 and booked $121 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol “BQ.” Roth Capital, CMB International Capital and Valuable Capital are the underwriters of the IPO.
The company engages Davis Polk & Wardwell LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.
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