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LZMH.US significantly reduces IPO size, raising expected financing to US$8mn

Market IntelThursday, Oct 31, 2024 2:40 am ET

1min read

China advertising services provider Lianzhang Portal (LZMH.US) on Wednesday reduced the proposed size of its upcoming initial public offering.

Lianzhang Portal currently plans to issue 1.5 million shares at a price range of $4 to $6, raising $8 million. The company had previously applied to issue 10 million shares at the same price range. At the midpoint, Lianzhang Portal would raise 85% less than previously expected.

Lianzhang Portal is an information technology and advertising company with three vertical businesses: outdoor advertising, local life, and smart community, with synergies between the three. In outdoor advertising, the company has a display network in about 120 cities in China and places ads on displays and its SaaS software, which residents encounter each time they enter or exit community buildings or open the SaaS software. The company also partners with other outdoor advertising providers to maximize coverage.

For local life, Lianzhang Portal connects local businesses with consumers through online promotions and transactions, and also provides smart community building access and security management systems through its smart community business.

Lianzhang Portal was founded in 2014 and is headquartered in China's Lake State, with revenue of $116 million in the 12 months ended June 30, 2024. The company plans to list on the Nasdaq under the ticker LZMH. EF Hutton is the sole bookrunner for the transaction.

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