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Chinese toner cartridge maker Planet Image International relaunches $18 million US IPO

May 23, 2023

Planet Image International, a Chinese toner cartridge manufacturer, announced terms for its upcoming IPO on Tuesday.

The Xinyu, China-based company plans to raise $18 million by offering 4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Planet Image International would command a market value of $255 million. 

The company originally filed for an IPO in March 2022, most recently planning to raise $27 million by offering 6 million shares at $4 to $5. After not updating its prospectus for more than a year, the company revived its plans for an IPO with a new blank filing this past April. 

Planet Image states that it is the largest compatible cartridge manufacturer in the world with a market share of 11% in 2022, ranking first in both the US and Europe. The company develops and manufactures toner cartridges that are compatible with a range of commonly available models of laser printers from different manufacturers, and operates under a number of different brands.

Planet Image International was founded in 2011 and booked $142 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol YIBO. Tiger Brokers is the sole bookrunner on the deal.