NEW YORK - Powerbridge Technologies, a China-based provider of software application and technology solutions, announced terms for its planned initial public offering (IPO) on the US stock market on Tuesday.

The Chinese SaaS (software as a service) company plans to offer about 2.2 million shares at a price range of $4.50 to $5.50 apiece, according to its prospectus filed with the US Securities and Exchange Commission.

"We estimate that we will receive net proceeds from the sale of ordinary shares of approximately up to $9.3 million, based upon an assumed offering price of $5 per share, the midpoint of the range set forth on the cover page of this prospectus, and assuming no exercise of the overallotment and after deducting estimated underwriting discounts and commissions and estimated offering expenses," said its latest filling.

"Our net proceeds will increase to $10.9 million if the over-allotment is exercised in full," it added.

The company has applied to list on the Nasdaq under the symbol "PBTS."

Founded in 1997, the company based in Zhuhai city of Guangdong province provides technology solutions to corporate and government customers in global trade, including businesses and manufacturers across a broad range of industries, government agencies and regulatory authorities, as well as global trade logistics and other service providers.

The company generates most of its revenues from application development services, which represented 89.5 percent and 90.4 percent of its total revenue in fiscal years 2017 and 2016, respectively, said the company.

It estimated approximately $23.8 million in revenue for fiscal year 2018, an increase of $2.2 million, or 10.2 percent from the fiscal year ending Dec 31, 2017.

Powerbridge Technologies said it intended to use the proceeds of its IPO mainly in four aspects, including further research and development, sales and marketing effort, strategic alliances and acquisitions as well as working capital and general corporate purposes.

Maxim Group LLC and The Benchmark Company are the joint bookrunners on the deal.