China-based U-BX Technology lowers deal size by 25% ahead of $23 million US IPO
U-BX Technology, which provides a variety of services to insurance companies in China, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Beijing, China-based company now plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. The company had previously filed to offer 6 million shares at a range of $4.50 to $5.50. At the midpoint of the revised range, U-BX Technology will raise -25% less in proceeds than previously anticipated.
U-BX Technology’s business consists of digital promotion services, risk assessment services, and value-added bundled benefits. Utilizing its proprietary algorithmic model, the company is able to generate individualized risk reports based on the vehicle brand, model, travel area, and vehicle age. Its client base consists of more than 300 city-level property and auto insurance carriers nationwide, along with approximately 200,000 insurance brokers that use our products and services to conduct business on a daily basis.
U-BX Technology was founded in 2018 and booked $70 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol UBXG. Boustead Securities is the sole bookrunner on the deal.