Yi Po International Holdings, which operates parking lots and provides parking lot equipment in China, lowered the proposed deal size for its upcoming IPO on Thursday.
The Nanjing, China-based company now plans to raise $15 million by offering 3 million shares at $5. The company had previously filed to offer 4 million shares at the same price. At the revised terms, Yi Po International Holdings will raise 25% less in proceeds than previously anticipated.
The company offers intelligent parking management systems and intelligent parking lot gate products in 81 parking lots across 21 cities in China, including 9 lots that are self-operated.
Yi Po International Holdings was founded in 2018 and booked $5 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol YBZN. Boustead Securities is the sole bookrunner on the deal.
