NEW YORK, Feb. 8 (Xinhua) -- Baosheng Media Group Holdings Limited, a Beijing-based online marketing solution provider, made its public debut on the Nasdaq Capital Market on Monday under the ticker symbol BAOS.
The deal involved 6 million ordinary shares at a price of 5 U.S. dollars per share, according to the company's latest prospectus. Univest Securities acts as the representative of the underwriters and sole book-running manager for the offering.
The company expects to receive aggregate gross proceeds of 30 million dollars from the offering before fees. It has also granted the underwriters a 45-day option to purchase up to an additional 900,000 ordinary shares at the IPO price. The deal is expected to close on or around Feb. 10.
Shares of Baosheng surged 77.2 percent to settle at 8.86 dollars apiece around market close.
The company provides online marketing services for advertisers and media companies and facilitates the deployment of online ads of various forms such as search ads, in-feed ads, mobile app ads and social media marketing ads.
In its latest updated prospectus, the company registered 17.8 million dollars in revenue for 2019, up 10 percent year-over-year. Net income in 2019 reached 11.2 million dollars compared with 9.2 million dollars in 2018.
In terms of gross revenue, Baosheng ranked the fifth among independent online advertising service providers in China in 2018 with a market share of 0.21 percent, according to a report by consulting and research firm Frost & Sullivan.
The firm said it plans to use the proceeds from its IPO for business expansion and to secure authorized agency status of additional media. It also plans to build its network of influencers, attract new talent, and boost working capital. Enditem
