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Online Marketing Services Provider Baosheng Media Group Files for $28 Million US IPO

CY Seah
Esther Thin

Baosheng Media Group Holdings Limited, a Chinese media advertiser and online marketing services provider, has filed Form F-1 Registration Statement on July 10, 2020 with the U.S. Securities and Exchange Commission and announced terms for its IPO.

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 proposed 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 and yet to select a ticker. 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.

Hopefully the company could ride the wave of recent successful Chinese listings including Kingsoft Cloud (Nasdaq: KC) and Dada Nexus (Nasdaq: DADA) despite the ongoing Sino-American market tensions.

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