Tiger Brokers, a China-based online brokerage backed by consumer electronics company Xiaomi, filed for a $150m initial public offering on Friday.
The company will list on the Nasdaq stock exchange by issuing American Depositary Shares.
Tiger Brokers, incorporated as Up Fintech Holding, operates an online brokerage platform for Chinese investors to trade equities, options, warrants and futures in mainland China, Hong Kong and the US.
The company processed $119bn in trading volume in 2018 and held 502,000 customer accounts by the end of last year.
Tiger Brokers previously closed a $80m series C round in July 2018 co-led by Prospect Avenue Capital, private equity firm Orient Hontai Capital and investment management firm Oceanpine Capital.
Digital brokerage Interactive Brokers Group had supplied an undisclosed amount in September 2017, adding to a total of $59m in previous investments, including a $15.7m series A round backed by Xiaomi in 2015.
Citic GoldStone Fund Management, Huagai Capital, ZhenFund and China Renaissance K2 Ventures subsequently injected $29m of series B capital in January 2017, followed by China Growth Capital leading a $14m series B-plus round two months later.
Tiger Brokers will use the proceeds to set up entities and apply for operating licences in additional jurisdictions, and to comply with increased capital adequacy requirements pursuant to the New Zealand Stock Exchange and regulators elsewhere.
The company will also allocate capital towards making investments in and acquiring other businesses, though it currently has no such commitments in place.
Xiaomi, through a subsidiary called Better People, currently owns a 14.1% stake in Tiger Brokers, while Interactive Brokers Group, through its IB Global Investments unit, holds a 7.7% stake.
Founder and chief executive Tianhua Wu owns a 18.9% stake through Sky Fintech Holding. Private investor Binsen Tang owns a 12.4% through Tigerex Holding and Jager Fintech Holding, an investment vehicle for private investor Xulu Wang, owns 7%.
Citigroup and Deutsche Bank Securities have been appointed as underwriters together with AMTD Global Markets, China Merchants Securities and Top Capital Partners.
