Bertelsmann achieved an exit as the cloud services provider raised $284m in an initial public offering that reportedly valued it at about $2bn.
UCloud Information Technology, a China-based cloud services provider backed by media group Bertelsmann, secured RMB1.94bn ($284m) initial public offering on Shanghai Stock Exchange’s Star Market.
The company issued 58.5 million shares priced at approximately $4.84 each, valuing it at about $2bn, and its share price increased to $10.60 on the first day of trading. CICC is lead underwriter for the offering.
Founded in 2012, UCloud operates 32 data centres across 25 countries and territories in Asia, Europe and the US.…
Thierry Heles
Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
