Youxin Technology, a Chinese enterprise specializing in digital transformation software and services for retailers, has recently announced an expansion in the scale of its proposed initial public offering (IPO). The company, headquartered in Guangzhou, China, has revised its plans to raise $9 million by offering 2.3 million shares at $4 each, marking a 15% increase from its initial proposal of 2 million shares at the same price. Additionally, selling shareholders have registered 1.9 million shares for a separate resale prospectus.
Focusing on software-as-a-service (SaaS) and platform-as-a-service (PaaS), Youxin Technology is dedicated to aiding mid-tier retailers in their digital transformation efforts. Its revenue is primarily derived from professional services and payment channel services, serving 25 professional services customers and 183 payment channel services in the consumer goods, cosmetics, and food and beverage sectors as of FY22.
Founded in 2018, Youxin Technology achieved $1 million in revenue for the 12 months ending September 30, 2023. The company intends to list on the Nasdaq under the symbol YAAS, with Univest Securities acting as the exclusive bookrunner for the deal.
With the planned expansion in share offering and the ongoing growth of its digital transformation services, Youxin Technology aims to capitalize on the rising demand for innovative retail solutions, positioning itself for potential expansion and success in the US market.