Chinese audio platform Lizhi has updated its prospectus a few days ago to reveal more details of its upcoming IPO. The prospectus shows that it is preparing to issue 4.1 million American Depositary Shares (ADS) at the price range of $11 to $13.
Based on the upper limit of this pricing range, the Lizhi IPO valuation ranges from $520 million to $620 million, and it will raise up to around $61 million.
Before the IPO, Matrix Partners China held 21.9% of shares, and Morningside Capital held 21.5%. Other strategic investors include Xiaomi, Shunwei Capital, Orchid Asia Group Management and TPG. Previously, Lizhi has raised a total of $80M in funding over 6 rounds. Their latest financing was raised on Jan. 3, 2018 from a Series D round.
As the largest online UGC audio community in China, the average monthly active users of Lizhi exceeded 51 million from October to November in 2019, with around 5.9 million monthly active content creators, exceeding 11.4% of its total monthly active users, and the average monthly user interactions on the platform were around 2.7 billion.