Photo/Shetuwang

Jan. 9 (NBD) -- Chinese leading interactive audio entertainment platform Lizhi Inc. will offer 4.1 million American Depositary Shares (ADSs) on the Nasdaq Global Select Market with each representing 20 of its Class A ordinary shares, according to the company's updated prospectus released Wednesday. 

The offering price is estimated to be between 11 U.S. dollars and 13 U.S. dollars. The audio platform is expected to raise up to 61 million U.S. dollars through the initial public offering (IPO). 

Underwriters of the IPO include Citigroup, Haitong International, AMTD, Needham & Company, Tiger Brokers, and China Merchants Securities. Lizhi will use proceeds from the float to develop innovative products, expand the application of its artificial intelligence technologies, and expand overseas business. 

Online audio is an emerging industry in China where Ximalaya, Lizhi and Qingting are leading players. According to iResearch, Lizhi's MAU market share in the online audio market was 18.4 percent for the January-September period of 2019.

In the nine-month period, the platform generated net revenues of 815.3 million yuan (117.3 million U.S. dollars), up 46.0 percent from a year ago. The net loss was logged at 104.0 million yuan, a substantial rise from 11.3 million yuan for the same period of 2018.

Email: gaohan@nbd.com.cn