Kingsoft Cloud Holdings, a Chinese cloud services and infrastructure provider being spun out of Kingsoft, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Kingsoft Cloud is part of Chinese software franchise Kingsoft Group and is the third largest internet cloud service provider in China by 2019 revenue. The company offers a comprehensive cloud platform and cloud infrastructure for enterprises, and had 243 premium customers in 2019 with a 155% net dollar retention rate.
The Beijing, China-based company was founded in 2012 and booked $559 million in revenue for the 12 months ended December 31, 2019. It plans to list on the Nasdaq under the symbol KC. Kingsoft Cloud Holdings filed confidentially on December 20, 2019. J.P. Morgan, UBS Investment Bank, Credit Suisse, and CICC are the joint bookrunners on the deal. No pricing terms were disclosed.
