Chinese B2B eCommerce platform ICZoom has filed to raise about $22 million through an initial public offering (IPO) in the U.S.
As Seeking Alpha reported Tuesday (March 1), the company plans to offer 4.4 million shares at $5 to $6 per share. The deal could generate net proceeds of $22.6 million, assuming a IPO price of $5.70 per share.
The company plans to list its shares on Nasdaq trading under the symbol IZM, with Prime Number Capital and Shengang Securities serving as lead bookrunners.
Founded in 2015, ICZoom sells electronic component products through its website, catering mainly to small- to medium-sized businesses (SMBs) in China, and offers services such as temporary warehousing and customs clearance.
Read more: Investors Move From China’s Consumer Market to “Hard Tech”
The planned IPO comes at a time when investors in China are increasingly backing robotics makers, semiconductor firms and other “hard tech” companies, as PYMNTS reported earlier this year.
Huang He , of the investment firm Northern Light Venture Capital, said competition for deals and valuations in the robotics field has never been this intense.
“The nation wants more focus on hard tech and industry. Investors must go in the direction of the country,” he said, noting his company’s consumer internet team has shifted to investing in direct-to-consumer and retail ventures.Japan’s SoftBank has also altered its strategy in China.“We’re not investing so much in consumer or media data-sensitive companies at this moment,” Masayoshi Son, the bank’s chair, said last year, noting there are “many companies that the Chinese government is not showing red flags for” such as “robotics, medical and B2B.”SoftBank made some changes in its own robotics operations last year, suspending production on its service robot/unofficial mascot Pepper and selling robotics firm Boston Dynamics to Hyundai for $1.1 billion.These moves were seen as indications that the […]
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