Planet Image International, the Aster holding company, has launched a downsized second initial public offering (IPO) on the Nasdaq under the ‘YIBO’ symbol.
Planet Image International, the Cayman Islands holding company of Aster, with major operations in China, has recently filed an F-1/A form with the U.S. Securities and Exchange Commission, signalling its intent for an initial public offering (IPO) of its Class A ordinary shares. Positioned as a leading global manufacturer of compatible toner cartridges, the company aims to list its shares on the Nasdaq Stock Market under the symbol “YIBO.”
With a significant market presence in the U.S. and Europe, Planet Image International Ltd claims the title of the largest compatible cartridge manufacturer worldwide, holding an 11.3% market share. The company, leveraging its strong research and development capabilities, aims to continue its expansion in the compatible toner cartridge market, targeting both online and offline channels globally.
Despite the potential for growth, the company faces risks inherent to businesses operating in China, including changes in regulatory landscapes and government policies that could impact operations.
The company is targeting an IPO raise of approximately $2.80 million (€2.57 million), potentially increasing to $3.58 million (€3.29 million) if underwriter options are fully exercised. This move comes on the heels of their ambitious plan in March 2022 to raise $27 million (€24.8 million) for substantial growth initiatives. The shares will list on the Nasdaq Stock Market under the symbol “YIBO,”
Aside from expanding physical production capabilities, the IPO funds are earmarked for a slew of developmental and operational enhancements. These include significant investments in research and development, upgrading website software systems, establishing overseas warehouses, and addressing various general corporate needs. This holistic approach indicates Planet Image International’s dedication to scale production and innovate and streamline its operational efficiency.
In March 2022, The Recycler reported that the company planned to raise $27 million (€24.8 million) through a Nasdaq IPO, where the funds were primarily intended for constructing a new multi-story production centre at their Yibo industrial park. This expansion aimed to double their annual production capacity of toner cartridges by December 2025.
