Chinese metaverse developer Global Mofy files for proposed $30M US IPO

Chinese metaverse services provider Global Mofy Metaverse (GMM) has filed to raise a proposed $30M through a US initial public offering.

Global Mofy said in a filing that it’s looking to offer 6M ordinary shares priced $4.50 to $5.50, which would raise around $30M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 15% additional shares to cover any over-allotments.

The company hopes to list its shares on Nasdaq under the symbol GMM. Maxim Group is serving as lead bookrunner.

Incorporated in the Cayman Islands, Global Mofy conducts business through subsidiaries in China. The company is engaged in digital marketing, digital asset development and virtual content development for the emerging metaverse sector.

Global Mofy has been profitable. For the six-month period ended March 31, the company reported a net income of $401K on revenue of $11M.

For a more in-depth look at the metaverse, check out SA contributor Verdant Peak Research’s “Understanding the Metaverse: All Digital Worlds, Not Just Virtual Reality.”