WiMi Hologram Cloud (WIMI) Announces August 16th IPO

WiMi Hologram Cloud (WIMI) plans to raise $34 million in an initial public offering (IPO) on Friday, August 16th, IPO Scoop reports. The company will be issuing 4,000,000 shares at a price of $7.50-$9.50 per share.

In the last year, WiMi Hologram Cloud generated $37 million in revenue and $15.6 million in net income. The company has a market cap of $495.6 million.

Benchmark Company, Maxim Group, China Merchants Securities (HK) and AMTD Global Markets acted as the underwriters for the IPO and BOCI, Everbright Sun Hung Kai, GF Securities (Hong Kong) Brokerage Limited and Axiom Capital Management were co-managers.

WiMi Hologram Cloud provided the following description of their company for its IPO: ”  We offer AR-based holographic services and products to cater to our customers’ needs, all centered upon providing an innovative, immersive and interactive holographic AR experience for our customers and end users. “Customers” are those who have entered into contracts with us and used our services pursuant to such contracts during the relevant period. Currently, our offerings consist primarily of (i) holographic AR advertising services and (ii) holographic AR entertainment products. During the three months ended March 31, 2019, approximately 80.3% and 19.7% of our revenues were generated from our holographic AR advertising services and holographic AR entertainment products, respectively. In the year ended December 31, 2018, approximately 80.5% and 19.5% of our revenues were generated from our holographic AR advertising services and holographic AR entertainment products, respectively. In the year ended December 31, 2017, approximately 69.3% and 30.7% of our revenues were generated from our holographic AR advertising services and holographic AR entertainment products, respectively. “.

WiMi Hologram Cloud was founded in 2015 and has 122 employees. The company is located at No. 6, Xiaozhuang, #101A, Chaoyang District, Beijing the People’s Republic of China 100020 and can be reached via phone at +86-10-5338-4913 or on the web at https://www.adr.com.

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