BRIEF: Webus cuts New York IPO size by half

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

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