AMTD Digital, a digital financial services subsidiary of China-based investment bank AMTD Group, has filed to raise $100m in an initial public offering that would enable ticket booking platform Maoyan Entertainment to exit.
In December 2019, AMTD Digital was established as a holding company for AMTD Group’s digital financial services, SpiderNet ecosystem, digital media and marketing and digital investment business.
AMTD Digital’s portfolio includes two Singapore-based entities: digital insurance platform PolicyPal and digital financing platform Funding Societies. It reported a $14.2m net profit for the nine months ending January 2021, from $18.8m in revenue.
The company plans to use the proceeds of the IPO to secure new regulatory licences, complete acquisitions and make investments in its IT infrastructure and human resources.
AMTD Digital is majority-owned by various entities affiliated with AMTD Group, and asset manager Value Partners Group’s Value Partners Greater China High Yield Income Fund owns a 9.9% stake in the business.
The company had previously raised $285m from Maoyan Entertainment, Value Partners Group, Greater Bay Area Homeland Investments, Vision Knight Capital, Ariana Capital and Infinity Power, a vehicle owned by AMTD Group chairman Calvin Choi, in September 2020.
The listing is set to take place on the New York Stock Exchange and AMTD Global Markets, Loop Capital Markets and Maxim Group are joint bookrunners for the offering.