Kingsoft Cloud Holdings Limited (KC), a cloud service provider in China, Wednesday said it has commenced public offering of 18.5 million American depositary shares.
Each ADS represents 15 ordinary shares, and investors have an option to receive ordinary shares of the company.
Kingsoft Cloud expects to grant the underwriters a 30-day option to purchase additional ADSs.
Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Deutsche Bank AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, and Merrill Lynch (Asia Pacific) Limited are acting as the underwriters for the Public Offering.
Additionally, the company said its existing shareholder, Kingsoft Corporation Limited has agreed to purchase certain number of shares at public offering price in a private placement. The number of shares in this equals 20% of the aggregate number of the firm shares as well as the shares to be purchased in the Concurrent private placement.
Kingsoft Cloud plans to use the net proceeds from the public offering and the concurrent private placement for investing in infrastructure, technology, product development, and for general corporate and working capital purposes.
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