China-based media and startup services group 36Kr yesterday filed for a $100m initial public offering that will provide exits for financial services firm Ant Financial and publishing group Nikkei.
The company will list on the Nasdaq Global Select Market. Reports in May 2019 suggested 36Kr Media, a news portal spun out of 36Kr, was preparing to raise $100m in its own flotation, though it is unclear whether that will still go ahead.
Founded in 2010 as a technology blog, 36Kr has grown into a diversified group that launched the aforementioned 36Kr Media as well as a co-working space unit called Kr Space while also providing fundraising services for startups.
The company revealed in the IPO filing that it raised $24m in series D funding from Nikkei, Lotus Walk, Krystal Imagine Investments, Red Better and Homshin Innovations last month.
Ant Financial, e-commerce group Alibaba’s financial services affiliate, invested an undisclosed amount in 36Kr in 2015, in what was then described as a series D round, alongside Huatai Securities Company and Matrix Partners.
The company had already closed an $860,000 series A round in 2012 backed by private investment vehicles Jiuhe Yunqi Investment Center and Tembusu.
Ant Financial, M36 Investment, Neo TH Holdings, Themisclio, Zhanjin Management Consulting Center, Yunli Hefeng Management Consulting Center, Spright KR and Hongtu Capital Investment provided $51m for 36Kr in a series B round that closed in 2016.
The company added $38.7m from Runzhi HK, Oasis Angel, Falcon Investment Holdings, Nova Compass Investment, China Prosperity Capital Alpha, Greentech Tianhong Investment and Sparkle Roll Culture & Entertainment Development in January 2018.
Proceeds from the IPO have been allocated to the further development of 36Kr’s content offerings, the strengthening of its data analytics and technological capabilities and the expansion of its business service scope, client base and extent of its services.
Ant Financial currently owns a 16.1% stake in 36Kr, whose other notable shareholders include chief executive Dagang Feng (17.5%), Tembusu (10.8%), China Prosperity (7.6%), Jiuhe Yunqi (6.9%), M36 (6.7%) and founder Chengcheng Liu through 36Kr Heros (6.2%).
Credit Suisse Securities and China International Capital Corporation have been hired as underwriters for the offering.
