Baosheng Media Group Holdings, a Chinese media advertiser and online marketing services provider, raised $30 million by offering 6 million ADSs at $5, low end at the proposed range of $5 to $6.
The company plans to raise $28 million by offering 5 million shares at a price range of $5 to $6. Assuming a successful IPO at the midpoint of the revised range, the company expects a fully diluted market cap of $140 million. The company offers marketing solutions, including online marketing strategies, advertising optimization, and delivers online ads such as search ads, in-feed ads, mobile app ads, and social media marketing ads.
The Beijing, China-based company was founded in 2014 and booked $18 million in revenue for the 12 months ended December 31, 2019. The company plans to list on the Nasdaq Capital Market under the symbol “BAOS.” Univest Securities, LLC is the underwriter of the IPO.
The company engages Hunter Taubman Fischer & Li LLC as US Securities Counsel, and Friedman LLP as Independent Auditor.
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