Zhibao Technology, a digital insurance brokerage company in China, recently completed an initial public offering (IPO) and raised $6 million by selling 1.5 million shares at $4 each, which was the low end of the expected pricing range of $4 to $6 per share. Despite initially planning to offer fewer shares, the company ended up issuing 0.3 million more than planned, resulting in an IPO float of just 4.7% of the total basic shares outstanding.
Operating under Zhibao China Group, Zhibao Technology specializes in providing digital insurance brokerage services in China using a business-to-business-to-customer (2B2C) digital embedded insurance model. This approach involves offering a one-stop customized insurance brokerage service where insurance solutions are digitally embedded in the customer engagement matrix of business entities to effectively reach and serve their existing customer base.
Zhibao Technology launched its digital insurance brokerage platform in 2020 and offers a range of services including insurance brokerage services and managing general underwriting services. The company plans to list on the Nasdaq under the symbol ZBAO, with EF Hutton serving as the sole bookrunner for the deal.