Kuke Music Holding Limited Announces Pricing of Initial Public Offering
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BEIJING, Jan. 12, 2021 /PRNewswire/ Kuke Music Holding Limited ( Kuke or the Company ), a leading provider of classical music licensing, subscription and education services in China, today announced the pricing of its initial public offering of 5,000,000 American Depositary Shares ( ADSs ), each representing one Class A ordinary share of the Company, at a price of US$10.00 per ADS, which translates to a total offering size of US$50.0 million, assuming the underwriters do not exercise their option to purchase additional ADSs. The ADSs are expected to begin trading on the New York Stock Exchange on January 12, 2021, under the symbol KUKE. The closing of the offering is expected to occur on January 14, 2021, subject to the satisfaction of customary closing conditions.
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The company’s soaring debut is significant because Qilian has been waiting a long time to go public, initially filing for an IPO in November 2019. When Qilian finally did price its offering, the company raised $25 million after selling 5 million shares at $5 each, the low end of the range of $5 to $7 investors had been told to expect.
Univest Securities, Loop Capital Markets, and Alexander Capital are underwriters on the deal.
According to Qilian’s prospectus, sales at the pharmaceuticals and chemicals company fell 31% in the three months ended Sept. 30 as a result of the pandemic. Net income declined 17%, to $4.2 million, for the six months ended March 31 from $5 million for the same period in 2019. Revenue rose 2%, to $27.8 million, the prospectus said.