China’s UCloud raises $283m in first dual-class IPO in mainland

Chinese cloud services provider UCloud Technology raises about 1.944 billion yuan ($283 million) in an initial public offering (IPO) on the STAR Market on January 20, 2020. Source: BAI Capital WeChat account

Chinese cloud services provider UCloud Technology has raised about 1.944 billion yuan ($284 million) in an initial public offering (IPO) on the STAR Market on Monday, becoming the first company with a dual-class share structure to float shares in the mainland.

Shanghai-based UCloud offered 58.5 million shares at a price of 33.23 yuan ($4.84) apiece, boosting market capitalization of around 14.041 billion yuan ($2.05 billion). The net amount raised in the IPO was 1.840 billion yuan ($269 million) after deducting the issuance costs.

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