Agora, a Chinese provider of APIs used by developers to embed voice, video, and messaging, announced terms for its IPO on Friday.
Based in Shanghai, China with a US headquarters in Santa Clara, CA, the company plans to raise $298 million by offering 17.5 million ADSs at a price range of $16 to $18. New investor Dragoneer Investment Group intends to purchase $50 million worth of ADSs. The company plans to raise an additional $110 million in a private placement to Coatue, Neumann Capital, and Vitruvian Partners. At the midpoint of the proposed range, Agora would command a market value of $1.7 billion.
Agora was founded in 2013 and booked $87 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol API. Morgan Stanley and BofA Securities are the joint bookrunners on the deal.
