Core Viewpoint - Boundless Group, a Chinese developer of optical display modules for VR and other electronic applications, has filed for an IPO in the US, aiming to raise up to $18 million with a proposed stock price range of $4 to $5 per share, which would value the company at approximately $198 million [1] Company Overview - Boundless Group Limited controls Nanjing Baituo Visual Technology Co., Ltd., established in 2022, focusing on the design, R&D, and sales of optical display modules and complete products [3] - Nanjing Baituo is one of the few companies capable of mass-producing Pancake 3P optical engines, with superior product performance compared to competitors, and has established extensive relationships with domestic clients [3] - The company specializes in the automotive and high-speed rail sectors, developing targeted products for cabin applications, accumulating rich experience and technology [3] Market Presence - Boundless Group serves over 20 clients in China and international markets across various sectors, including new energy vehicles, color electronic paper displays, and low-altitude aerospace [4] - The product portfolio includes near-eye displays, VR-specific LCD modules, in-vehicle display systems, and color electronic paper displays [4] - For the 12 months ending June 30, 2025, Boundless Group reported revenue of $26 million [4]

Core Viewpoint - Boundless Group, a developer of optical display modules based in Nanjing, China, has filed for an IPO with the intention to raise up to $18 million, planning to list on NASDAQ under the ticker symbol BLTG [2][3]. Company Overview - Boundless Group specializes in optical display technology, designing, developing, and selling optical display modules and related products for virtual reality (VR), augmented reality (AR), consumer electronics, and other emerging industries [3]. - The company serves over 20 clients in China and international markets, providing comprehensive optical solutions that include design, engineering, and supply chain management [3]. Financial Performance - For the 12 months ending June 30, 2025, Boundless Group reported revenues of $26 million, a significant increase of 139.94% from $10.92 million in 2024 [7]. - The cost of revenues also rose to $24.48 million, up 137.5% from $10.30 million in the previous year [7]. - Gross profit increased to $1.72 million, reflecting a growth of 179.3% compared to $616,230 in 2024 [7]. - Total operating expenses rose to $3.37 million, a 59.3% increase from $2.11 million in 2024 [7]. - The net loss for the period was $1.79 million, which is a 6.27% increase from a loss of $1.69 million in the previous year [7]. IPO Details - The company plans to issue 4 million shares at a price range of $4 to $5 per share, which would give Boundless Group a market capitalization of approximately $198 million at the midpoint of the proposed range [3]. - The IPO application was initially submitted confidentially on March 14, 2025 [7]. Underwriting - Tiger Brokers is the sole bookrunner for this IPO transaction [8].