China-based Global Internet of People, Inc. raises $26.8 million in its initial public offering on the Nasdaq Capital Market Tuesday, priced at the low end of the expected range.
Global Internet, expected to lift off under the ticker symbol “SDH” today, sold 6.7 million ordinary shares at $4 apiece. The pricing gives the company a market value of $94 million.
The deal is underwritten by ViewTrade and National Securities.
The company operates a peer-to-peer knowledge sharing and enterprise service platform. For the first half of 2020, Global Internet of People booked revenue of $6.5 million, up 12% year-over-year, on income of $2.2 million. For the full year 2019, it posted $17.9 million in revenue on income of $9.4 million. The company has been profitable since 2018.
Global Internet first filed for an initial public offering as early as September 2019 and had picked up its IPO efforts when China’s economy began to open up after the Covid-19 outbreak.
Also on Tuesday, two more China-based companies are debuting in New York public trading.
Clinical-stage biotech company Adagene Inc. (Nasdaq: ADAG) priced its shares at $19, the top of the expected range of $17 to $19. It sold 7.35 million American depositary shares, raising $139.7 million. Underwriters on the deal may purchase an additional 1.1 million ADSs to cover over-allotments. Banks securing the IPO are Goldman Sachs (Asia) LLC, Morgan Stanley, China Renaissance, and Jefferies.
Cloopen Group Holding Ltd. (NYSE: RAAS), which provides cloud-based communication services to enterprises, sold 20 million ADSs in an upsized $320 million offering. The company priced its shares at $16 per share, above the announced range of $13 to $15. Goldman Sachs, Citigroup, CICC, Tiger Broker (NZ), and Futu Inc. are securing the deal.