36KR Holdings, a online media publisher focused on New Economy companies in China, lowered the proposed deal size for its upcoming US IPO on Thursday.
The Beijing, China-based company now plans to raise $22 million by offering 1.4 million ADSs at a price range of $14.50 to $17.50 to command a market cap of $641 million. Insiders still intend to purchase $20 million worth of shares in the offering (91% of the deal). The company had previously filed to offer 3.6 million ADSs at the same range to command a market cap of $676 million. At the midpoint of the revised range, 36KR Holdings will raise $36 million less in proceeds than previously anticipated.
36KR Holdings was founded in 2010 and booked $61 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol KRKR. Credit Suisse, CICC and AMTD Global Markets are the joint bookrunners on the deal. It is expected to price on Thursday, November 7, 2019.
