(Yicai Global) Feb. 18 -- Projector equipment startup Xgimi Technology plans to list on Shanghai’s Nasdaq-like Star Market, with the aim of raising CNY1.67 billion (USD258 million).

Xgimi will issue 12.5 million shares, accounting for a quarter of its total outstanding equity, the Chengdu-based company said in a statement yesterday.

Xgimi, which specializes in smart projectors, sold 353,600 units in the first half of last year, giving it a leading 22.2 percent share of China’s projection gear market. Annual revenue was CNY2.8 billion, up 33.6 percent from a year earlier, and net profit almost tripled to CNY269 million (USD41.6 million).

The funds raised in the initial public offering will go to upgrade and industrialize the firm’s smart projection and laser television products, as well as the construction of an optical machinery research and development center.

Founder Chairman Zhong Bo owns just over 25 percent of the firm and has 46.34 percent of the voting rights. Baidu is the largest institutional investor with a 15.4 percent stake.

Xgimi said it needs to improve its overseas brand awareness compared with other projection equipment brands such as Epson and Xiaomi. It was founded in 2013.

Editor: Tom Litting