AGIIPLUS INC. (AGII) Plans to Raise $9 Million in September 23rd IPO

AGIIPLUS INC. (AGII) is planning to raise $9 million in an IPO on the week of September 23rd, IPO Scoop reports. The company will issue 1,400,000 shares at a price of $6.00-$7.00 per share.

In the last year, AGIIPLUS INC. generated $45 million in revenue and had a net loss of $6.8 million. The company has a market cap of $193.8 million.

EF Hutton acted as the underwriter for the IPO.

AGIIPLUS INC. provided the following description of their company for its IPO: “Note: AgiiPlus Inc., or AgiiPlus, is not an operating company but a Cayman Islands holding company with operations conducted by its subsidiaries, including subsidiaries in China. Investors in our securities are not purchasing equity interests in AgiiPlus’ operating entities in China but instead are purchasing equity interests in a Cayman Islands holding company. (Incorporated in the Cayman Islands) AgiiPlus’ vision is to build the future of work and to connect businesses with technology, data, services, workspaces and more. Through its subsidiaries, AgiiPlus is, according to the Frost & Sullivan Report, one of the fastest-growing work solutions providers with a one-stop solution capability in China and Singapore. By leveraging its proprietary technologies, AgiiPlus, through its subsidiaries, offers transformative integrated working solutions to its customers, including brokerage and enterprise services, customizable workspace renovations with smart building solutions, and high-quality flexible workspaces with plug-in software and on-demand services. AgiiPlus has established an innovative business model called â€?SÂ?aaS — Space & Software As A Solution,â€? which combines â€?Software As A Serviceâ€?, or SaaS, and â€?Space As A Service.â€? This business model relies on proprietary technology, SaaS-based systems, and high-quality physical workspaces to provide customers with integrated work solutions for optimal work efficiency. AgiiPlus, through its subsidiaries, has created an integrated platform connecting onsite workspaces and digital services through technology. Through its subsidiaries, AgiiPlus offers office leasing and enterprise services under the brand â€?Tangtang,â€? and, through its subsidiaries, AgiiPlus maintains the Distrii app, the proprietary official app for workspace members, offering AgiiPlus’ workspace members a seamless experience beyond physical spaces with easy access to enterprise services offered by AgiiPlus’ subsidiaries. As of Dec. 31, 2021, AgiiPlus’ subsidiaries had 35,771 enterprise customers and 322,252 digitally registered members. Founded in 2016, AgiiPlus has established a network of workspaces in China and Singapore through its subsidiaries. Through Shanghai Distrii Technology Development Co., Ltd., a PRC subsidiary, AgiiPlus offers enterprise customers flexible and cost-effective space solutions in centrally located business districts in tier-one and new tier-one cities in China and Singapore. As of Dec. 31, 2021, through its subsidiaries, AgiiPlus maintained a network of 61 Distrii workspaces that covered seven different cities, namely Shanghai, Beijing, Nanjing, Suzhou, Jinan and Xiong’an in China, and Singapore, with a total managed area of about 256,291 square meters (approximately 2.8 million square feet) and approximately 41,455 workstations in total. In addition, AgiiPlus’ asset-light model offers design, build, management and operating services to landlords who bear the costs in building and launching new spaces. This asset-light model allows AgiiPlus’ subsidiaries to economically expand and scale up while enabling landlords to turn their spaces into revenue-generating properties backed by professional services offered by AgiiPlus’ subsidiaries and AgiiPlus’ brand image. As of Dec. 31, 2021, through its subsidiaries, AgiiPlus had eight workspaces under the asset-light model, with a total managed area of about 22,947 square meters (approximately 247,000 square feet) and approximately 4,161 workstations available for members. **Note: Net loss and revenue figures are in U.S. dollars for the year ended Dec. 31, 2023. (Converted from China’s renminbi) (Note: AgiiPlus reduced its IPO’s size to 1.4 million shares – down from 2.0 million shares – and increased the price range to a range of $6.00 to $7.00 – up from a range of $5.00 to $6.00 – to raise $9.1 million, according to an F-1/A filing dated June 25, 2024.) (Note: AgiiPlus disclosed that it named EF Hutton as the sole book-runner – to replace US Tiger Brokers – in an F-1/A filing dated Jan. 26, 2024. In that January 2024 filing, AgiiPlus cut the size of its IPO to 2.0 million shares at a price range of $5.00 to $6.00 to raise $11.0 million.) (Note: AgiiPlus Inc. cut the size of its IPO by 40 percent in an F-1/A filing dated March 22, 2023: The number  of Class A ordinary shares was cut to 4.5 million shares – down from 8.7 million shares previously – and the price range was increased to $4.50 to $6.00 – up from $4.00 to $5.00 – to raise $23.63 million. The new terms cut the IPO’s estimated proceeds by 40 percent from the initial estimate of $39.15 million under the original terms – 8.7 million shares at $4.00 to $5.00 – that were disclosed in an F-1/A filing dated Nov. 7, 2022. The F-1 was filed on Sept. 16, 2022; confidential filing was submitted on June 17, 2022.) “.

AGIIPLUS INC. was founded in 2016 and has 38 employees. The company is located at 5th Floor, Distrii Center, Silver Court No. 218 Xizang South Road, Huangpu District, Shanghai 200021 People’s Republic of China and can be reached via phone at +86(21) 2250-2249 or on the web at http://www.distrii.com/.