ICZOOM Group Inc. (the “Company” or “ICZOOM”), a B2B e-commerce trading platform primarily engaged in sales of electronic component products in Hong Kong and mainland China, today announced the pricing of its initial public offering (the “Offering”) of 1,500,000 Class A ordinary shares at a public offering price of US$4.00 per Class A ordinary share. The Class A ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on March 15, 2023 under the ticker symbol “IZM.”
The Company expects to receive aggregate gross proceeds of US$6 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 225,000 Class A ordinary shares at the public offering price after the effective date of the registration statement, less underwriting discounts. The Offering is expected to close on or about March 17, 2023, subject to the satisfaction of customary closing conditions.
Proceeds from the Offering will be used for sales and marketing, research and development, logistics and warehousing capabilities, and working capital.
The Offering is being conducted on a firm commitment basis. The Benchmark Company, LLC is acting as the sole bookrunning manager for the Offering.
