(CapitalWatch, Nov. 29, New York) Chinese workspace solutions provider AgiiPlus Inc. has set the terms of its initial public offering in New York, seeking to raise up to $43.5 million of new capital for business expansion.
AgiiPlus has long been pursuing the U.S. public listing status. Earlier this year, AgiiPlus terminated its SPAC merger deal with Goldenbridge Acquisition, which would value the company at a $578 million enterprise value. Now, it has turned to the more traditional and tedious IPO process.
AgiiPlus is offering 8.7 million of its ordinary shares at the expected price range of $4 to $5 apiece.
The company is headquartered in Shanghai, while the entity expected to list on the Nasdaq is an offshore holding, according to the securities filing. Previously, a portion of AgiiPlus's business operated as a variable interest entity (VIE), but that structure was split off in May 2022 and the former VIE's financial results are no longer consolidated into AgiiPlus.
Founded in 2016, AgiiPlus offers "brokerage and enterprise services, customizable workspace renovations with smart building solutions, and high-quality flexible workspaces with plug-in software and on-demand services," with operations in China and Singapore.
The company operates a platform connecting workspaces with digital services, namely, renovation, administration support, finance, legal, and human resources.
As of June 30, AgiiPlus maintained 65 workspaces with about 45,607 workstations in seven cities: Shanghai, Beijing, Nanjing, Suzhou, Jinan and Xiong'an in China, and Singapore. The enterprise services subsidiaries of AgiiPlus counted 38,807 enterprise customers and 377,108 registered members. Its target clients are freelancers, microenterprises, SMEs, or large enterprises.
Last year, AgiiPlus booked $68.6 million in revenue, up 29% from 2020, on net loss of $43.5 million. In the first half of 2022, the company recorded $38.4 million in revenue, up 28% year-over-year, on net loss of $19.3 million.
AgiiPlus said it plans to use the IPO capital to boost its technology, expand geographic coverage, and seek potential M&As, among other operational purposes.
The company expects to be traded on the Nasdaq Capital Market under the ticker "AGII."
（CapitalWatch，11月29日，紐約） 中國工作空間解決方案提供商AgiiPlus Inc. 已制定了在紐約的首次公開募股條款，尋求爲業務擴張籌集高達4,350萬美元的新資金。
AgiiPlus 長期以來一直在尋求美國的公開上市地位。今年早些時候，AgiiPlus終止了與Goldenbridge Acquisition的SPAC合併協議，該協議將使該公司的企業價值達到5.78億美元。現在，它已經轉向了更爲傳統和繁瑣的IPO流程。
AgiiPlus將以每股4至5美元的預期價格區間發行870萬股普通股。
證券文件顯示，該公司總部位於上海，而預計將在納斯達克上市的實體是一家離岸控股公司。此前，AgiiPlus 的一部分業務是作爲可變利益實體 (VIE) 運營的，但該結構在 2022 年 5 月被拆分，前 VIE 的財務業績不再合併到 AgiiPlus 中。
AgiiPlus成立於2016年，在中國和新加坡開展業務，提供 “經紀和企業服務、使用智能建築解決方案進行可定製的工作空間翻新，以及通過插件軟件和按需服務提供高質量的靈活工作空間”。
該公司運營着一個將工作空間與數字服務（即裝修、行政支持、財務、法律和人力資源）連接起來的平臺。
截至6月30日，AgiiPlus在七個城市維護了65個工作空間和約45,607個工作站：中國上海、北京、南京、蘇州、濟南和雄安以及新加坡。AgiiPlus的企業服務子公司統計了38,807名企業客戶和377,108名註冊會員。它的目標客戶是自由職業者，微型企業，中小企業或大型企業。
去年，AgiiPlus的收入爲6,860萬美元，比2020年增長29％，淨虧損4,350萬美元。2022 年上半年，該公司錄得了 3,840 萬美元的收入，同比增長 28%，淨虧損爲 1,930 萬美元。
AgiiPlus表示，計劃利用IPO資金來提升其技術，擴大地域覆蓋範圍，尋求潛在的併購以及其他運營目的。
該公司預計將在納斯達克資本市場上市，股票代碼爲 “AGII”。
