Charter bus services provider Webus International Ltd. slashed the size of its planned U.S. IPO by half, seeking to raise nearly $10 million. The company said it plans to sell 1.88 million shares for between $4 and $5 each, according to its latest updated prospectus filed with the U.S. securities regulator on Monday.

Webus made its first public filing for the IPO in February last year, and in a July update said it planned to sell 3.75 million shares. The company could raise up to $9.4 million if the shares price at the top of their range, valuing Webus at up to $184 million.

The company’s revenue plunged by about two-thirds to 46 million yuan ($6.5 million) in its latest fiscal year through June from 154 million yuan in the previous 12-month period. But its loss over that period also narrowed substantially to 4.1 million yuan from 17.6 million yuan a year earlier.

By Doug Young

To subscribe to Bamboo Works free weekly newsletter, click here

Recent Articles

Mininglamp makes marketing software

Mininglamp IPO advances with key regulatory approval

China’s securities regulator has registered the leading marketing software maker’s Hong Kong listing, which could raise more than $100 million Key Takeaways: Mininglamp’s Hong Kong IPO has been approved by…