NEW YORK, April 1 (Xinhua) -- WiMi Hologram Cloud Inc., a leading holographic augmented reality (AR) application platform in China, started trading on Nasdaq Wednesday.
The company, trading under the ticker symbol of "WIMI," priced its initial public offering of 4,750,000 American depositary shares (ADSs) at 5.5 U.S. dollars per ADS for a total offering size of approximately 26.1 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs. The stock closed roughly flat on Wednesday.
Each ADS represents two of the company's Class B ordinary shares.
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, the company said in its latest prospectus filed with the U.S. Securities and Exchange Commission.
The Benchmark Company, Valuable Capital Limited, Maxim Group LLC, China Merchants Securities (HK), BOCI Asia, and Axiom Capital Management, Inc. are acting as joint bookrunners of this offering.
Founded in 2015, the Beijing-based company primarily offers holographic AR advertising services and holographic AR entertainment products.
As holography and AR continue to proliferate, China's holographic AR market is fast-growing and evolving.
According to Frost & Sullivan, 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 507 million U.S. dollars) in 2017 to 454.8 billion yuan in 2025.