Rakuten on April 13
Webus International Limited (hereinafter referred to as "Microbus") has obtained the IPO filing of the China Securities Regulatory Commission through Zhejiang Youba Technology Co., Ltd., a domestic operating entity, and obtained the key to listing.
Microbus submitted a prospectus to the SEC as early as February 2023, and updated the prospectus 3 times in the middle, the most recent of which was updated on June 29, 2023, preparing to be listed on the NASDAQ in the United States with the stock code "WETO".
Microbus plans to issue 4 million shares in the range of $4 to $6 per share, and at the mid-price, the company plans to raise $20 million.
Annual revenue of 130 million
Microbus has built a one-stop full-process service platform for the customized chartered bus industry, through the operation of customized chartered travel scenarios, business pricing, demand management, scheduling and dispatch, service supervision, financial settlement, fleet and driver and guide management, etc., and promoted the improvement of manpower, asset and capital turnover efficiency in the industry through platform-based digital and efficient operation capabilities and standardized service quality processes and supplier integration capabilities.
Since the operation of the enterprise, users can use the platform to charter destination business travel, large customer commuter shuttle, surrounding short-distance travel, intercity special line booking and global Chinese chartered car service reservation, for different scenarios, service models cover 5-55 seats.
In 2022, Webus will launch a sub-brand Wetour, focusing on customized outbound travel services for global Chinese chartered buses.
According to the prospectus, for the year ended June 30, 2022, the revenue of Microbus was 130 million yuan, compared with 10.65 million yuan in the same period last year, and the net loss was 6.58 million yuan, compared with a net loss of 7.82 million yuan in the same period last year.
Microbus's revenue in the second half of 2022 was 93.72 million yuan, compared with 46.86 million yuan in the same period last year, and the net loss was 3.06 million yuan, compared with a net loss of 3.34 million yuan in the same period last year.
Before the IPO, Zheng Jiahua, the company's director and chairman, held 40.76% of the shares, and Zheng Nan, the company's CEO, held 40.74% of the shares.
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