ReutersMay 01, 2021 1:16:24 AM
(Reuters) -Ximalaya, backed by Tencent Holdings in China, filed for an IPO in the US on Friday to capitalize on growing demand as more people listen to podcasts while staying at home during the pandemic.
China’s Qiniu Ltd, a cloud-based platform-as-a-service provider backed by Alibaba Group Holding Ltd, also filed for a US IPO.
Ximalaya, the largest online audio platform in China, had an average of 250 million users per month in the first quarter of 2021, according to a regulatory filing.
Ximalaya, which provides a platform for users to access free or paid content from professional or amateur providers, was valued at $ 3.71 billion in July 2018, according to PitchBook. The company has raised $ 225 million from investors such as General Atlantic and Tencent.
Ximalaya was founded in 2012 and grew sales by more than 48% year-on-year to around 4 billion yuan (617.95 million US dollars) in 2020.
Goldman Sachs, Morgan Stanley, BofA Securities and CICC subscribe to Ximalaya’s offering.
Qiniu and Ximalaya didn’t release any further details on their listing plans on Friday.
($ 1 = 6.4730 Chinese yuan renminbi)
(Reporting by Noor Zainab Hussain and Sohini Podder in Bengaluru; editing by Devika Syamnath)
This story was not edited by Firstpost staff and is generated by automatic feed.
