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Digital financial services spin-off AMTD Digital sets terms for $120 million US IPO

June 7, 2021

AMTD Digital, a digital financial services provider being spun out of AMTD, announced terms for its IPO on Monday.

The Hong Kong, China-based company plans to raise $120 million by offering 16 million ADSs at a price range of $6.80 to $8.20. At the midpoint of the proposed range, AMTD Digital would command a market value of $1.4 billion.

AMTD Digital states that it is the "fusion reactor" at the core of the AMTD SpiderNet ecosystem, operating a comprehensive digital solutions platforms in Asia. Its businesses span digital financial services; SpiderNet ecosystem solutions; digital media, content, and marketing; and digital investments. The company generates revenue primarily from fees and commissions from its digital financial services and SpiderNet ecosystem solutions businesses.

AMTD Digital was founded in 2019 and booked $23 million in sales for the 12 months ended January 31, 2021. It plans to list on the NYSE under the symbol HKD. AMTD Global Markets and Loop Capital Markets are the joint bookrunners on the deal.