News: Wonhe Multimedia Commerce to raise up to $4M through IPO

Wonhe Multimedia Commerce is seeking to raise up to $4 million through an initial public offering of 20 million shares priced at $0.20 each.

Proceeds from the offer, which has a minimum subscription of $3 million, will be used to pursue its commercial objectives, including the ongoing sales of its technology products.

Wonhe currently generates revenue from the sale of its Home Media Centre product, which provides the ability to access TV and video on demand, function as a game console and a storage facility for data, as well as its Domestic Router product.

It reported net income after tax of $2.94 million for the quarter ended 31st March 2015.

Wonhe has also developed a new commercial router product that provides wi-fi for commercial premises.

Following the successful admission on the Australian Securities Exchange, the company will focus on:
- Sale and distribution of its Home Media Centre, Commercial Router and Domestic Router products throughout the China market through Shenzhen WONHE;
- Growing the distribution network of the products throughout the China market; and
- Promotion and marketing of its products.

The company will trade as WMC on the ASX.