Chinese toner cartridge maker Planet Image updates terms for $18M IPO
Ingenious Buddy
Chinese toner cartridge maker Planet Image (YIBO) has updated terms for a proposed $18M US initial public offering.
Planet Image said in a filing that it is now interested in offering 4M shares priced between $4 and $5, which would raise $18M if priced at the midpoint.
The company hopes to list its shares on Nasdaq under the symbol YIBO. US Tiger Securities is serving as lead bookrunner.
Incorporated in the Cayman Islands, Planet Image operates through subsidiaries, with the bulk of its operations located in China. The company is one of the world's largest manufacturers of compatible toner cartridges for printers.
Planet Image has been profitable. For 2022, the company reported net income of $7M on revenue of $142M, according to the filing.
The company originally filed for the IPO in March, seeking to raise around $27M.
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