Wayz Intelligent Manufacturing Technology Co., Ltd (Wayzim), a provider of logistics automation systems for China’s express delivery industry, has filed for an initial public offering (IPO) on the Nasdaq-style STAR Market of the Shanghai Stock Exchange (SSE).
WayzIM, which was co-founded by the Institute of Microelectronics under the Chinese Academy of Sciences (CAS) in 2016, is targeting to raise as much as 2.98 billion yuan ($462 million). The provider is offering 33.30 million common shares at a price of 90.20 yuan ($14.01) apiece.
Hong Kong and Shanghai-listed CITIC Securities is acting as the principal underwriter for the deal.
WayzIM will invest the IPO proceeds for the construction of a smart equipment manufacturing centre and digital factory, sales and service support and working capital.
Located in Wuxi city, WayzIM uses industrial vision, signal processing and automatic control technologies to produce intelligent sorting systems.
Over the past three years, WayzIM’s annual revenues stood at 1.2 billion yuan ($187 million) in 2020, 751 million yuan ($117 million) in 2019 and 325 million yuan ($50 million) in 2018.
WayzIM’s clients include ZTO Express, SF Express, China Post, Deppon Express, Suning, among others. And, its products are sold to countries like Russia, Singapore, Thailand, Indonesia and the Philippines.
The company is looking to expand to the markets of Russia, the Middle-East and Europe.
In April last year, WayzIM had secured 230 million yuan ($36 million) in a strategic investment co-led by state-backed Shenzhen Capital Group and CICC Qichen.