Ximalaya, a leading Chinese online voice audio platform, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $500 million.
Ximalaya states that it is the largest online audio platform in China by average MAUs, total mobile listening time, and total revenues in 2020. In the 1Q21, the company had average MAUs of 250 million, and its flagship mobile app ranked first among China's independent online audio apps by average mobile MAUs.
The Shanghai, China-based company was founded in 2012 and booked $697 million in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol XIMA. Ximalaya filed confidentially on March 3, 2021. Goldman Sachs, Morgan Stanley, BofA Securities and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
