WETO IPO News – Chinese charter bus company Webus International reduces shares on offer and price range ahead of $17 million US IPO

Webus International, which offers charter bus services and sightseeing tours in China, on Thursday reduced the proposed deal size for its upcoming IPO.

The Hangzhou, China-based company now plans to raise $17 million by offering 3.8 million shares priced between $4 and $5. The company previously filed for an offering of 4 million shares at a price between $4 and $6. At the midpoint of the revised range, Webus International will raise -16% less funds than expected and will have a market capitalization of $174 million.

Webus claims to provide cost-effective mobility solutions with AI-enhanced real-time online assistance and 24/7 route management support through its VIE and subsidiary Wetour. The company offers shuttle services (7% of H1FY23 revenue), customized charter bus services (50%) and tour packages (44%) to customers in China.

Webus International was founded in 2019 and reported revenue of $12 million for the 12 months ended December 31, 2023. It plans to list on Nasdaq under the symbol WETO. Network 1 Financial Securities is the sole bookrunner on the transaction.