IMMRSIV, a Singapore-based provider software consultancy services using AR and VR, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also changed its proposed listing exchange from the Nasdaq to the Cboe BZX.
The company now plans to raise $7 million by offering 1.5 million shares at a price range of $4 to $5. The company had previously filed to offer 2.4 million shares at the same range. At the midpoint, IMMRSIV will raise 38% less in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 2.6 million shares, which may be sold from time to time after the company's shares have begun trading.
IMMRSIV is a Southeast Asian software company with a strong focus on education, training, and tourism. It seeks to leverage the development of AR/VR/MR solutions through its various subscription platforms LearnAR for the education and training industry, and LocoMole, a location-based experiential discovery travel mobile app that enables travelers to discover, experience, and learn about locations in Singapore. IMMRSIV also offers two publishing platforms for educators and travel providers to create their own exclusive content and educational games.
IMMRSIV was founded in 2007 and booked $1 million in revenue for the 12 months ended June 30, 2023. It plans to list on the BZX under the symbol IMSV. Prime Number Capital is the sole bookrunner on the deal.
