Iheima, a China-based incubator and media business backed by outdoor accessories manufacturer Toread Holdings and internet company Youyou, has completed a RMB182m ($27.3m) initial public offering, China Money Network reported today.
Iheima floated on the ChiNext board, which is operated by Shenzhen Stock Exchange and aimed at fast-growing technology businesses. The company issued 17 million shares priced at RMB10.75 each.
Founded in 2011, Iheima offers a full range of services for startups, such as entrepreneurship coaching, public relations promotion and capital raising.
Proceeds from the offering will go toward the opening of additional co-working spaces and further development of Iheima’s online business management systems.
Niu Wenwen, Iheima’s founder, is its largest shareholder, followed by Chinese Lanchuang Media and Culture Company and Fortune Capital.
The company raised RMB134m in a 2015 series C round that included Toread, Fortune Capital and Zhongziqi Investment. Youyou had previously supplied an eight-figure renminbi amount in series B funding in 2013, after investment group Shanda provided an eight-figure renminbi sum the year before.