Quectel Wireless Solutions Co Ltd, a major global supplier of cellular and Global Navigation Satellite System (GNSS) modules, has issued a statement that the company has listed its initial public offering on the main board of the Shanghai Stock Exchange yesterday.
The Company announced that 22.3 million shares of common stock, valued at RMB 43.93 per share. This would mean that Quectel is looking to raise close to RMB 1 billion ($145 million) in the IPO. According to Quectel, the proceeds of the IPO will be focused towards growing the company’s 5G, high-speed LTE and LPWA product portfolio. They also plan to establish and R&D and tech support centres.
The Company’s Chairman and CEO, Patrick Qian believes that IoT has the potential to tremendously influence the development of technology and society as a whole.
“Going public indicates a new start for Quectel and will bring great opportunities, which allow us to improve our core competitiveness and accelerate global expansion,” Qian said.
He further added that Quectel will “be on the forefront of technologies” and continue to expand into “the greatest module supplier in the world” to better provide for their customers in terms of products and services.