Chinese SaaS company Powerbridge Technologies files for U.S. IPO

Source: Xinhua| 2019-01-05 05:30:46|Editor: yan
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NEW YORK, Jan. 4 (Xinhua) -- Powerbridge Technologies, a China-based provider of software application and technology solutions, filed for an initial public offering (IPO) on the U.S. stock market on Friday.

The company plans to list on the Nasdaq under the symbol "PBTS," with an expectation to raise up to 15 million U.S. dollars in the IPO, according to its prospectus filed with the U.S. Securities and Exchange Commission.

Founded in 1997, the company based in Zhuhai City of Guangdong Province provides technology solutions to corporate and government customers in global trade, including businesses and manufacturers across a broad range of industries, government agencies and regulatory authorities, as well as global trade logistics and other service providers.

It generates most of its revenues from application development services, which represented 89.5 percent and 90.4 percent of its total revenue in fiscal year 2017 and 2016, respectively, said the company.

In the 12 months ending June 30, 2018, Powerbridge Technologies booked 23 million U.S. dollars in revenue.

The Chinese SaaS (software as a service) company said it intended to use the proceeds of its IPO mainly in four aspects, including further research and development, sales and marketing effort, strategic alliances and acquisitions as well as working capital and general corporate purposes.

Maxim Group LLC and The Benchmark Company are the joint bookrunners on the deal. No pricing terms were disclosed.