Cloud service provider Kingsoft Cloud officially submitted its F-1 prospectus to the US Securities and Exchange Commission (SEC) on April 17 with a plan to list on NASDAQ under the ticker KC. JPMorgan Chase, UBS, Credit Suisse and CICC will act as joint lead underwriters for Kingsoft Cloud’s IPO.
Kingsoft Cloud is expected to launch its pre-listing roadshow as soon as next week, hoping to raise approximately $250 million to $300 million, according to the WeChat news account ipozaozhidao.
The company’s prospectus quoted data from Frost & Sullivan which quoted Kingsoft Cloud as the largest independent cloud service provider in China and the third-largest Internet cloud service provider in the country.
From 2017 to 2019, Kingsoft Cloud’s operating income grew with an average annual compound growth rate of 79%. In 2019, the company is expected to achieve a positive gross profit of about 7.7 million yuan, mainly due to economies of scale and efficiency improvements.
Currently, the most notable shareholders of the company include Xiaomi founder Lei Jun, who holds 15.8% through Xiaomi Group, Kingsoft Corporation with 53.8% of the shares, and FutureX Capital with 5.7%.