Xiao-I, a Chinese cognitive intelligence company focused on conversational AI, announced terms for its IPO on Monday.
The Shanghai, China-based company plans to raise $47 million by offering 6 million ADSs at a price range of $6.80 to $8.80. At the midpoint of the proposed range, Xiao-I would command a market value of $564 million.
Operating through Shanghai Xiao-i, the company has developed a portfolio of cognitive intelligence technologies for businesses based on natural language processing and AI implementation, primarily providing smart city, software business, and architectural design AI services to its customers. Shanghai Xiao-i's product platforms span conversational AI, knowledge fusion, intelligence voice, and hyperautomation, among other areas.
Xiao-I was founded in 2001 and booked $37 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol XI. Prime Number Capital and Guotai Junan Securities are the joint bookrunners on the deal.
