Kingsoft Cloud Holdings, a Chinese cloud services and infrastructure provider being spun out of Kingsoft, raised $510 million by offering 30 million ADSs at $17, the midpoint of the range of $16 to $18. The company originally planned to offer 25 million ADSs. Parent Kingsoft and existing shareholder Xiaomi intend to purchase $25 million and $50 million worth of ADSs in the offering, respectively. Additionally, French asset management firm Carmignac Gestion intends to purchase $50 million worth of ADSs in the offering. At $17, Kingsoft Cloud commands a $3.5 billion market cap.
Kingsoft Cloud Holdings plans to list on the Nasdaq under the symbol KC. J.P. Morgan, UBS Investment Bank, Credit Suisse, and CICC acted as lead managers on the deal.
Note: This article has been corrected to reflect the offer price of $17; an earlier version misstated the offer price as $18 based on an F-1MEF filed with the SEC.
