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Chinese charter bus and tour company Webus International sets terms for $20 million US IPO

March 17, 2023

Webus International, which provides charter bus services and guided tours in China, announced terms for its IPO on Friday.

The Hangzhou, China-based company plans to raise $20 million by offering 4 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Webus International would command a market value of $195 million.

Webus provides cost-effective mobility solutions with real-time AI-augmented online support and 24-7 itinerary management support through its VIE and subsidiary Wetour. The company offers commute shuttle services, customized chartered bus services, and packaged tour services to customers in China.

Webus International was founded in 2019 and booked $26 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol WETO. Network 1 Financial Securities is the sole bookrunner on the deal.