China’s Kingsoft Cloud Holdings Ltd said on Monday it aims to sell up to $450 million in stock in a U.S. initial public offering (IPO), which could value the cloud service provider at as much as $3.6 billion.
Kingsoft will be the first major U.S. IPO by a company that is neither a biotechnology firm nor special purpose acquisition company (SPAC) since the coronavirus outbreak roiled global stocks in March. Biotech and SPAC IPOs are typically immune to broader market swings.
