Xgimi Technology, a China-based projector manufacturer backed by corporates Baidu, Mango Media and Zhongnan Red Cultural Group, has filed to raise RMB1.2bn ($185m) in an initial public offering.
The company is set to issue 12.5 million shares priced at RMB 133.73 each, representing a 25% of its outstanding equity. China International Capital Corporation is lead underwriter for the offering, which will take place on the Shanghai Stock Exchange’s Star Market.
Founded in 2013, Xgimi makes smart screen projectors and laser television equipment that reproduce large and high-definition images. It will use the capital secured in the IPO to improve its products and set up research and development facilities.
Company founder Bo Zhong will remain Xgimi’s largest shareholder, with an 18.8% stake, followed by internet group Baidu, which will hold roughly 11.6%.
Baidu had taken part in a $95m round for the company in March 2018, investing alongside Bojiang Capital, Jirui Capital, Luxin Venture Capital Group, Matrix Partners China, Pan-Lin Asset Management, Sailing Capital and Sichuan Culture Industry Equity Investment Fund.
The corporate’s Baidu Ventures unit had led a series C round of undisclosed size four months earlier that likely formed part of the 2018 funding.
Xgimi had previously raised $18.5m from industrial metal parts producer Zhongnan Red Cultural Group, Shenzhen CDF-Capital, Shanghai Dingfeng Asset Management and Shenzhen Lishi Investment in 2016, according to DealStreetAsia.
Streaming service provider Mango Media had provided $48m in pre-series B funding for Xgimi in 2015, after the company completed a $16m series A round the year before featuring CDF Capital and Chengdu Technology Transfer Group.