Intel Capital-backed ChinaCache, a provider of content distribution services, has decided to float on the Nasdaq stock exchange in the US.
The China-based internet services company will register 101.2 million shares at $0.75 each, or $75.9m in total, according to its regulatory filing.
The company will package 16 shares into one ADS and sell 4.5 million ADS with existing shareholders selling a further 1.1 million, or an aggregate 24.2% of its shares at the initial public offering (IPO).
Intel Capital, the corporate venturing division of US-listed chip maker Intel, is expected to sell 6.45 million shares, 2.2% of the company, and be left with 6.5% after the IPO.
ChinaCache raised $8.5m in its series A round from Japan-based venture capital (VC) firm Jafco, Intel Capital and Sweden-listed asset manager Investor, which also provided the following year a further $1.05m.
The company’s series B round raised $28.5m in cash and $3m in debt in April 2007 from VCs Qiming Ventures, Ignition Venture Partners, financial investors Starr International and Susquehanna International Group, as well as the A round backers, Jafco, Intel Capital and Investor.
ChinaCache’s series C round in December 2009 raised $14.6m from the same investors.
The company is listing in the US as part of its international expansion after having more than 53% of China’s content and application delivery market last year. In June, ChinaCache North America opened an office in Silicon Valley, California, and hired Anderson Lin from business process outsourcing company Vertex Group.