Wuxin Technology Holdings, which develops and sells IoT connectivity components in China, announced the terms of its IPO on Friday.
The Shenzhen, China-based company plans to raise $33 million by offering 6 million shares at a price range of $4.50 to $6.50. At the midpoint of the proposed range, Wuxin Technology Holdings would have a market value of $187 million.
The company develops products using its proprietary ADC (Wireless Ant Delete Center) protocol, which enables an IoT network with numerous nodes to efficiently detect the shortest path of data transmission and decentralize control. Wuxin Technology currently sells ADC chips, modules, antennas, controllers, intelligent hardware, intelligent home appliances and other intelligent products.
Wuxin Technology Holdings was incorporated in 2005 and had sales of $50 million for the 12 months ended December 31, 2021. It plans to be listed on the Nasdaq under the symbol WXT. Prime Number Capital is the sole bookrunner on the deal.
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