Triller, which operates a video sharing platform with owned media content, filed on Wednesday to register its shares with the SEC and complete a direct listing on the NYSE. The Class A shares listed will be sold by existing shareholders; Triller will not raise new capital in its listing. The company did not disclose the initial tradable float, a reference price, or anticipated timing of its listing.
In 2021, about 42.9 million shares were sold in private placements at an average purchase price of $5.85 per share; if the company listed its shares at that price, Triller would command a fully diluted market value of $2.1 billion. More recently, the company sold convertible debt that would imply a price per share of about $3.17, for a market cap of $1.2 billion.
The Triller app is a short-form video app similar to TikTok, Instagram Reels, YouTube shorts, and other video apps that allow users to access both user generated and professionally generated content from creators around the world. Creators include influencers, artists, athletes, and public figures. Since its inception, the company has established more than 550 million user accounts, and has expanded its portfolio of offerings through both organic growth and strategic acquisitions. Triller also produces content under its own and third-party brands, such as McDonalds, Pepsi, and Walmart.
The Los Angeles, CA-based company was founded in 2015 and booked $51 million in revenue for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol ILLR. Triller filed confidentially on June 30, 2022. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Cantor Fitzgerald will serve as financial advisor.
