Kingsoft Cloud Holdings, a Chinese cloud services and infrastructure provider being spun out of Kingsoft, announced terms for its IPO on Monday.
The Beijing, China-based company plans to raise $425 million by offering 25 million ADSs at a price range of $16 to $18. Parent Kingsoft and existing shareholder Xiaomi intend to purchase $25 million and $50 million worth of ADSs in the offering, respectively. Additionally, investor Carmignac Gestion intends to purchase $50 million worth of ADSs in the offering. At the midpoint of the proposed range, Kingsoft Cloud Holdings would command a market value of $3.4 billion.
Kingsoft Cloud Holdings was founded in 2012 and booked $561 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol KC. J.P. Morgan, UBS Investment Bank, Credit Suisse and CICC are the joint bookrunners on the deal. It is expected to price during the week of May 4, 2020.
