Wuxin Technology Holdings, which develops and sells IoT connectivity components in China, announced terms for its IPO on Friday.
The Shenzhen, China-based company plans to raise $33 million by offering 6 million shares at a price range of $4.50 to $6.50. At the midpoint of the proposed range, Wuxin Technology Holdings would command a market value of $187 million.
The company develops products using its proprietary wireless ant delete center (ADC) protocol, which allows an IoT network of numerous nodes to efficiently detect the shortest path of data transmission and decentralize the control. Wuxin Technology currently sells ADC chips, modules, antennas, controllers, smart hardware, smart household devices, and other smart products.
Wuxin Technology Holdings was founded in 2005 and booked $50 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol WXT. Prime Number Capital is the sole bookrunner on the deal.
