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Chinese crowdsourcing marketplace EPWK Holdings sets terms for $11 million US IPO

July 9, 2024
EPWK

EPWK Holdings, which operates an online freelance and crowdsourcing marketplace in China, announced terms for its IPO on Tuesday.

The Xiamen, China-based company plans to raise $11 million by offering 1.5 million shares at a price range of $7 to $8. At the midpoint of the proposed range, EPWK Holdings would command a market value of $155 million.

EPWK operates a digital crowdsourcing marketplace with a comprehensive services catalog and an efficient search, find, and order process to match "buyers" and "sellers." Buyers include micro, small, and medium-sized businesses from various industries, and sellers consist of student artists, professional designers, part-time freelancers, and micro, small, and medium-sized businesses with different talents, skills, and services to offer. As of December 31, 2023, EPWK's platform had approximately 8.6 million active buyers and 16.7 million sellers across more than 2,800 cities and counties.

EPWK Holdings was founded in 2011 and booked $18 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol EPWK. Revere Securities is the sole bookrunner on the deal.