The Xiaomi-backed, China-headquartered podcast app developer priced its shares at the bottom of their range to raise $45.1m in a US offering.
Lizhi, a China-based podcast app developer that counts consumer electronics producer Xiaomi as an investor, raised $45.1m after pricing 4.1 millions American Depositary Shares (ADSs) at $11 on Friday.
The company issued the ADSs, each representing 20 ordinary shares, on the Nasdaq Global Market on Friday. They briefly rose to $15.25 before closing at $11.63 on the first day of trading, giving Lizhi a market capitalisation of approximately $532m.
Lizhi had initially filed to raise up to $100m
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
