Chinese ad services provider Lemeng Holdings withdraws $20 million US IPO
Overview of IPO Withdrawal
Lemeng Holdings, which provides mobile advertising services in China, withdrew its plans for an initial public offering on Friday. It had originally filed in October 2022, and set terms in May 2023 to raise $20 million by offering 4 million shares at a price range of $4 to $6. It had last updated its papers in November 2023.
The Beijing, China-based company was founded in 2014 and booked $69 million in revenue for the 12 months ended June 30, 2023. It had planned to list on the Nasdaq under the symbol LIAI. Prime Number Capital was set to be the sole bookrunner on the deal.
About the Company
Since our establishment in September 2014, we have focused on proprietary technology to drive our mobile advertising service company. Lemeng Interactive provides customer-tailored mobile advertising services based on big data technology and is certified as a high-tech enterprise./ Lemeng Interactive possesses a proprietary DSP programmatic advertising platform to centralize and aggregate advertisement slot purchasing in various media forms from multiple sources. /Lemeng Interactive is able to provide customized full-service solutions to help companies carry out precise marketing plan. Lemeng Interactive is committed to providing customers with accurate and efficient integrated marketing promotion services in the field of mobile advertising through accurate control of products and channels while improving the advertising conversion rate and accuracy of advertising. A conversion rate records the percentage of users who have completed a desired action. Conversion rates are calculated by taking the total number of users who “convert” （for example, by clicking on an advertisement）， dividing it by the overall size of the audience and converting that figure into a percentage.