Kingsoft’s cloud services subsidiary priced shares at the middle of the range but upsized the offering to raise $510m, with shares soaring 27% on the first day of trading.
Kingsoft Cloud, the cloud services subsidiary of China-based enterprise software producer Kingsoft, priced its shares at $17 on Thursday to raise $510m in its initial public offering.
The company upsized its offering from 25 million American depositary shares (ADSs) – each representing 15 ordinary shares – to 30 million ADSs and has a market cap of more than $4.7bn. The company had set a price range of $16 to $18 a week ago.
Shares rose 27% on the…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
