Wytec International, which makes small cell tech and wide area networks for 5G cell phone network coverage, announced terms for its IPO on Monday.
The San Antonio, TX-based company plans to raise $20 million by offering 3.9 million units at a price range of $4.15 to $6.15. Each unit consists of one share of common stock and one warrant, exercisable at 125% of the IPO price. At the midpoint of the proposed range, Wytec International would command a fully diluted market value of $109 million. Because the company is now offering warrants, Wytec International is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
The company states that it is a designer and developer of small cell technology and wide area networks designed to support 5G cell phone network coverage deployments across the US. Wytec International holds five patents directly related to local multipoint distribution service ("LMDS") utilized in broadband wireless access technology and originally designed for digital television transmission. The company currently has a contract to provide cellular enhancement to 42 buildings within the Laredo Independent School District in Laredo, TX.
Wytec International was founded in 2011 and booked $1 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol WYTC. EF Hutton is the sole bookrunner on the deal.
