Cash Capital has celebrated an exit as UCloudlink raised $36.2m in its offering, after pricing its shares at the bottom of the range and issuing less stock than originally planned.
UCloudlink, a China-based data traffic sharing marketplace backed by Chinese Academy of Sciences, today priced its shares at $18 to raise nearly $36.2m in its initial public offering on the Nasdaq Global Market.
The company issued just over 2 million American Depositary Shares (ADSs), representing 20.1 million ordinary shares, having originally aimed to issue 2.6 million ADSs. The $18 price tag represented the bottom of the $18 to $20.50 range.
Founded in 2014, UCloudlink operates a cloud-based platform that enables mobile phone users to tap into other networks without having to change SIM cards. The technology is particularly aimed at international travellers and UCloudlink has expanded into 144 countries to date.
Proceeds from the IPO will be used for research and development, potential strategic acquisitions, sales and marketing and working capital.
Wealth Plus Investments and Hainei Lirong Technology Investment Fund invested $10m in September. The company does not appear to have revealed any other equity rounds.
Cash Capital, an investment arm of Chinese Academy of Sciences, held a 10.1% stake ahead of the IPO, which has been reduced to 9.3%.
Other notable shareholders include MediaPlay, which holds certain former and current employee shares, (from 23.5% to 21.8%), AlphaGo Robot (23.2% to 21.6%) and Haitong (13.4% to 12.4%).
I-Bankers Securities, Valuable Capital Limited and Tiger Brokers are acting as underwriters for the offering. They have been granted a 30-day option to purchase up to an additional 301,500 ADSs.
