<article>Shanghai-based AI-enabled mobile internet firm <a href="https://www.dealstreetasia.com/?s=CooTek">CooTek</a>, the developer of mobile devices input software <a href="https://www.dealstreetasia.com/?s=TouchPal">TouchPal</a>, is heading to the US to raise $100 million in an initial public offering (IPO).
CooTek applied to list its American depositary shares on the New York Stock Exchange under the symbol CTK.</article>

Shanghai-based AI-enabled mobile internet firm <a href="https://www.dealstreetasia.com/?s=CooTek">CooTek</a>, the developer of mobile devices input software <a href="https://www.dealstreetasia.com/?s=TouchPal">TouchPal</a>, is heading to the US to raise $100 million in an initial public offering (IPO).
CooTek applied to list its American depositary shares on the New York Stock Exchange under the symbol CTK.
The number of shares it plans to list and the exact date of the listing have not been specified in CooTek&#8217;s filing with the SEC but the company said it has hired Credit Suisse, BofA Merrill Lynch, and Citigroup as joint bookrunners.
The company said it plans to use the net proceeds of its offering to further finance research and development, to continue to invest in technological capabilities, particularly big data analytics and AI technology, and to develop new products and services.
CooTek is backed by several Qiming funds, which hold an 18.2 per cent stake in the company; Sequoia Capital China, which owns 17.9 per cent; and SIG China Investments Master Fund III, which has a 14.2 per cent stake.
Founded in 2008, CooTek launched its first mobile application, TouchPal Smart Input, an intelligent input method for mobile devices that generate a massive set of user interaction data.
In March this year, CooTek launched Talia, an AI-powered virtual personal assistant that understands everyday conversations and delivers relevant content to users in multiple scenarios.
Financially, the company said its net revenues grew rapidly from $11 million in 2016 to $37.3 million last year, a 238.5 per cent year-on-year growth. In the first six months of this year, net revenues reached $50.3 million, up 451.7 per cent from the previous year.
The company also claims to have an average of 132.6 million daily active users for its portfolio of mobile applications across more than 240 countries and regions as of June 2018.
According to a report by mobile operator data provider GSMA Intelligence, the number of global mobile internet users is expected to grow at a compound annual growth rate 5.3 per cent from 3.3 billion in 2017 to 5.0 billion by 2025 and the global mobile internet penetration rate is expected to grow from 43 per cent in 2017 to 61 per cent in 2025.
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Qiming, Sequoia-backed mobile internet firm CooTek eyes $100m in US IPO

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