Beijing (PingWest)—October 8, 36kr Holdings Inc. (NASDAQ: KRKR), one of the top tech media in China, priced its initial public offering at $14.5 per ADS, which was at the low end of the expected range.
The company updated its SEC Form F-1 on Thursday night. Previously, IPO Scoop reported that 36Kr will issue 3,600,000 shares at $14.50-$17.50 per share to raise $58 million in an IPO.
However, according to the latest prospectus, the company is going to sell 1,380,000 American depositary shares or ADSs, representing a more than 60% reduction of the previous plan. Each ADS represents 25 of the company's Class A ordinary shares, par value US$0.0001 per share.
In the last year, 36Kr Holdings generated $60.6 million in revenue and had a net loss of $52.8 million. 36Kr Holdings has a market cap of $635.4 million.
Beijing-based 36KR was founded in 2010 to provide business services to Chinese companies serving the Internet, hardware and software technologies, consumer and retail, and finance industries, which the company refers to as the 'New Economy.'
Credit Suisse and CICC acted as the underwriters for the IPO.
The company's existing shareholders include Krystal Imagine Investments Limited, a wholly-owned subsidiary of Didi Chuxing Technology Co., Red Better Limited, a wholly-owned subsidiary of Xiaomi Corporation, etc.