Puyi, a third-party wealth management services provider in China, filed on Wednesday with the SEC to raise up to $40 million in an initial public offering. The deal is being marketed on a best efforts, min-max basis, and will therefore be excluded from Renaissance Capital's IPO stats.
The Guangzhou, China-based company was founded in 2010 and booked $24 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol PUYI. Puyi filed confidentially on October 1, 2018. Network 1 Financial Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
