QuantumCTek has filed for a $102m initial public offering, more than a decade after being spun out of University of Science and Technology of China.
QuantumCTek, a China-based quantum technology spinout of University of Science and Technology of China, is seeking $102m in an initial public offering on the Star Market, DealStreetAsia reported yesterday.
The company plans to issue 20 million shares at $5.12 each. It had originally anticipated to raise $42.8m when it first revealed plans to go public in November 2019.
Founded in 2009, QuantumCTek is working on quantum cryptography technologies for areas such as telecoms infrastructure, financial services, big data and enterprise networks. It advances research led by Pan Jianwei.
Proceeds from the proposed offering would go towards the development of a quantum technology-enabled communication device and the establishment of a research centre.
The company has not disclosed financial details about its funding rounds. USTC Holdings, a subsidiary of the university, backed an angel round in 2014, before Cash Holdings and Orient Capital took part in a series A round of undisclosed size.
Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, joined Guoyuan Capital for an investment of undisclosed size in 2016.
USTC Holdings currently holds an 18% stake in QuantumCTek, which is set to be diluted to 13.5%, while Pan Jianwei’s 11% shareholding will be reduced to 8.3%. Cash Holdings will see its stake drop from 7.6% to 5.7%.
Other notable shareholders include Runfeng Investment (from 6.6% to 5%) and Hefei Kunteng (from 5.7% to 4.3%).
Guoyuan Securities has been appointed as lead underwriter for the offering.
