LIZHI, a Chinese interactive podcast platform for user-generated content, announced terms for its IPO on Wednesday. In its latest filing, the company also removed Credit Suisse as an underwriter and added AMTD Global Markets, China Merchants Securities, Valuable Capital, and Prime Number Capital.
The Guangzhou, China-based company plans to raise $49 million by offering 4.1 million ADSs at a price range of $11 to $13. Certain investors, including affiliates of Weibo and Xiaomi, intend to purchase $36 million worth of ADSs in the offering. At the midpoint of the proposed range, LIZHI would command a market value of $549 million.
LIZHI was founded in 2010 and booked $152 million in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol LIZI. Citi, Haitong International, AMTD Global Markets, Needham & Co., and Tiger Brokers are the joint bookrunners on the deal. It is expected to price during the week of January 13, 2020.
