NEW YORK, July 15 (Xinhua) -- WiMi Hologram Cloud Inc., a leading holographic augmented reality (AR) application platform in China, announced terms on Monday for its initial public offering (IPO) on the U.S. stock market.
The company plans to offer 4 million American Depositary Shares (ADSs) at a price range of 7.50 U.S. dollars to 9.50 dollars apiece, according to its latest prospectus filed with the U.S. Securities and Exchange Commission.
It intends to list the ADSs on the Nasdaq Global Market under the symbol "WIMI."
Net proceeds from the offering will be mainly used for research and development purposes, strategic acquisitions and investments in complementary business, as well as other general corporate purposes, said the company.
Founded in 2015, the Beijing-based company primarily offers holographic AR advertising services and holographic AR entertainment products.
China's holographic AR market is fast-growing and evolving, fueled by new technologies.
The total market size of China's holographic AR industry in terms of total revenues is expected to grow from 3.6 billion yuan (about 523.4 million U.S. dollars) in 2017 to 454.8 billion yuan in 2025, the company said in its filing, citing a report by business consulting firm Frost & Sullivan.