Ximalaya, backed by China’s Tencent Holdings, filed for an initial public offering (IPO) in the United States on Friday.
China’s Qiniu Ltd, a cloud-based platform-as-a-service provider backed by Alibaba Group Holding Ltd, also filed paperwork for a U.S. IPO.
The largest online audio platform in China, Ximalaya had 250 million average monthly average users in the first quarter of 2021, according to a regulatory filing.
Ximalaya, which provides a platform for users to access free or paid content from professional or amateur providers, was valued at $3.71 billion as of July 2018, according to PitchBook. It has raised $225 million in funds from investors including General Atlantic and Tencent.
Founded in 2012, Ximalaya’s revenue increased by more than 48% from a year earlier to around 4 billion yuan ($617.95 million) in 2020.
Goldman Sachs, Morgan Stanley , BofA Securities and CICC are underwriters on Ximalaya’s offering.