Agora, which offers a platform for API development, announced terms for its IPO on Friday.
The Shanghai, China-based company plans to raise $298 million by
offering 17.5 million ADSs at a price range of $16 to $18. New investor
Dragoneer Investment Group intends to purchase $50 million worth of
ADSs. The company plans to raise an additional $110 million in a private
placement to Coatue, Neumann Capital, and Vitruvian Partners. At the
midpoint of the proposed range, Agora would command a market value of
$1.7 billion.Agora was founded in 2013 and booked $87 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol API. Morgan Stanley and BofA Securities are the joint bookrunners on the deal.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.