Wuxin Technology Holdings, Inc. (WXT) is planning to raise $33 million in an initial public offering on Friday, September 23rd, IPO Scoop reports. The company will be issuing 6,000,000 shares at $4.50-$6.50 per share.
In the last 12 months, Wuxin Technology Holdings, Inc. generated $47 million in revenue and $6.2 million in net income.
Prime Number Capital served as the underwriter for the IPO.
Wuxin Technology Holdings, Inc. provided the following description of their company for its IPO: “We are on a mission to enable and accelerate the digital transformation of Chinese and global businesses that depend on physical operations by providing Internet of Things (the “IoT”) connectivity solutions. (Incorporated in the Cayman Islands) We are not a Chinese operating entity but a Cayman holding company with operations conducted by our subsidiaries in China. Our operating entity, Wuxin Technology, is a high-tech enterprise engaged in the IoT industry, which was formed in 2005 and is headquartered in Shenzhen, China. The IoT describes the network of physical objects — “things” — that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet. To realize our vision, we have developed and pioneered the ant delete center (“ADC”) protocol, which is a wireless, decentralized and ad hoc protocol derived from the foraging principle of ant colonies and allows an IoT network of numerous nodes to efficiently detect the shortest path of data transmission and decentralize the control. Compared with those adopting traditional protocol architecture of centralized control, our products with ADC protocol have advantages of lower cost, higher reliability, longer transmission distance, and faster deployment. ADC protocol also standardizes protocol stack and application layer, which is the interface between the IoT devices and the network that they communicate to, lowering the technical barrier for those industrial segments which could have been unable to enter the IoT ecosystem otherwise. We sell ADC chips, modules, antennas, controllers, smart hardware, smart household devices, and other smart products. We provide integrated solutions for IoT engineering and cloud platforms for customers. Furthermore, we provide complete technical solutions for self-organizing networks of various intelligent hardware, helping product manufacturers to form networking logic between products, which shortens the development cycle and reduces development costs. For customers such as electric bicycle manufacturers and shared E–bike companies, we supply controllers (also known as “centralized control boxes”) and locators to be installed on shared electric bicycles and motorcycles, and we also develop apps, cloud platforms, and shared operating systems. We also provide door locks, smart switches, lighting control, heating, ventilation, and air conditioning (“HVAC”) control, electric curtains, and software platform solutions for large real estate companies, hotel groups. Through our products and services offering, we are committed to integrating IoT cloud, IoT management, and IoT terminal which cover the whole IoT ecosystem, through our continued efforts in the fields of cutting-edge IoT technology development, IoT product research and development (“R&D”) and manufacturing, IoT application scenarios launching, IoT intelligent hardware marketing network, and IoT system integration solution output. **Note: Revenue and net income figures are for the year ended June 30, 2021. (Note: Wuxin Technology Holdings, Inc. disclosed terms for its IPO in an F-1/A filing dated Aug. 12, 2022: 6.0 million Class A ordinary shares at $4.50 to $6.50 to raise $33.0 million. On March 28, 2022, Wuxin Technology Holdings filed its F-1. The company filed confidential IPO paperwork with the SEC on Jan. 31, 2022.) “.
Wuxin Technology Holdings, Inc. was founded in 2005 and has 340 employees. The company is located at Tefa Information and Technology Plaza, Floor 15, No. 2 Qiongyu Road, Nanshan District, Shenzhen 518052, China and can be reached via phone at 0755-86379339 or on the web at http://www.wxtiot.com/.
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