NEW YORK, April 2 (Xinhua) -- Powerbridge Technologies, a Chinese trade software application and technology services provider, extended gains of 9.47 percent at around midday after it started trading in the U.S. equity market on Tuesday.
The company's U.S. listing, under the ticker symbol PBTS, came after it priced its initial public offering (IPO) to raise 8.75 million U.S. dollars on Monday, according to a company statement.
At an offering price of 5 dollars per share, the IPO has offered a total of 1,750,000 ordinary shares. The offering is expected to close on April 4, subject to customary closing conditions.
The Benchmark Company and Maxim Group LLC act as joint book running managers for the offering. TriPoint Global Equities is the financial advisor to the company.
Stewart Lor, cofounder and chief financial officer of Powerbridge Technologies, told Xinhua that the company is optimistic about its prospects in 2019, thanks to China's prospering Belt and Road Initiative and the company's over 20-year track record in business with proprietary software and service offerings.
"We are optimistic about our prospects in 2019 and beyond. Developments in The Belt and Road continue to point to a large need for trade compliance, logistics and operations in China, where we have a 20+ year solutions, customer and relationship footprint," said Lor.
Lor also noted that from what the company observed, global trade in China, particularly with U.S. counterparts, has been active and long term. The U.S. equity market also remains "strong and robust" to Powerbridge.
Founded in 1997 and based in southern Chinese city of Zhuhai, Powerbridge provides software application and technology solutions and services to corporate and government customers primarily located in China. It has also been a pioneer in global trade software applications with a vision to make global trade operations easier for customers.
The company filed its IPO with the U.S. Securities and Exchange Commission on Jan. 4.
For fiscal year 2018, it's estimated that Powerbridge's revenue will be about 23.8 million dollars, an increase of 10.2 percent from about 21.6 million dollars for the fiscal year ended Dec. 31, 2017, according to the company's prospectus.
The increase was mainly attributable to the company's growing services in applications development, consulting and technical supports, as well as increasing subscription fees from customers of its software-as-a-service applications.
