Planet Image International Limited announces its IPO, aiming to raise $5 million (€4.6 million) for global expansion and innovation in the toner cartridge market.
Planet Image International, the Cayman Islands holding company of Aster, a manufacturer and distributor of compatible toner cartridges with operations in China, the U.S., and Europe, has officially announced the pricing for its initial public offering (IPO). The company has set the offering price at $4.00 (€3.67) per share, with a total of 1,250,000 Class A ordinary shares being made available to the public. This move is expected to generate gross proceeds of around $5 million prior to the deduction of underwriting discounts and other offering expenses.
The shares, which will be listed on the Nasdaq Capital Market under the ticker symbol “YIBO,” mark a significant milestone for Planet Image International Limited. The company’s decision to go public reflects its strong market position and commitment to growth and expansion. The offering is scheduled to close on January 29, 2024, contingent on meeting standard closing conditions.
Planet Image International Limited has also granted the underwriter a 45-day option to purchase up to an additional 187,500 Class A ordinary shares. This option, if exercised, will be available at the public offering price, less any underwriting discounts.
The proceeds from this offering are earmarked for the construction of a state-of-the-art, multi-layer production centre, which is expected to enhance the company’s manufacturing capabilities. Additionally, funds will be allocated for research and development initiatives to drive innovation and maintain a competitive edge in the market. Upgrading the software systems of the company’s websites is also a priority, reflecting Planet Image’s commitment to digital transformation and customer experience.
The company also plans to expand its global footprint by opening additional warehouses in key overseas locations. The remaining funds will be utilized for general corporate purposes, ensuring operational efficiency and business sustainability.
