uCloudlink, a mobile data traffic sharing marketplace in China, announced terms for its IPO on Friday.
The n/a, Hong Kong-based company plans to raise $50 million by offering 2.6 million ADSs at a price range of $18.00 to $20.50. At the midpoint of the proposed range, uCloudlink would command a fully diluted market value of $581 million.
uCloudlink's platforms allow users to access mobile data traffic shared by multiple network operators (MNOs). The company's uCloudlink 1.0 platform focuses on users traveling inter-country and the uCloudlink 2.0 platform is aimed towards users who wish to use multiple MNOs in a single country.
uCloudlink was founded in 2014 and booked $167 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol UCL. I-Bankers Securities, Valuable Capital, Tiger Brokers, and Loop Capital Markets are the joint bookrunners on the deal.
