As the Chinese social media virtual reality platform, Soulgate had to postpone its US public offering; another company bounced on the opportunity to grab its spot. The Glimpse Group ($VRAR) executed its IPO and brought the world of augmented and virtual reality (AR and VR) to Nasdaq.
The group is led by president and CEO Lyron Bentovim and focuses on innovative AR/VR tech through its eight subsidiaries. They function in varied domains, such as tech that supports education, remote work, interactive therapy, video workflow, food and retail businesses, and more.
Moreover, the company does not work in the direct-to-consumer arena. Instead, all its resources are focused on the business-to-business markets. It sets the company apart from other competitors such as Alphabet and Virtuix.
The Glimpse IPO was priced at $12.3 million, distributed amongst 1.8 million shares at $7 per share, which fell right in the center of the proposed $6–$8 range.
In a clever move by the company, it listed on the Nasdaq under the symbol ‘VRAR,’ highlighting its virtual and augmented reality offerings.
The Glimpse Group is now approximately valued at $84 million, which is much smaller than many other IPOs that we have seen recently. However, it could pave the way for other micro and small enterprises in the industry.
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