Molbase, a China-based online chemicals retailer that is backed by diversified conglomerate Fosun, has filed for a $70m initial public offering on the Nasdaq Stock Market.
Founded in 2013, Molbase began as a database service for the chemicals industry but later pivoted to become a marketplace for sellers and buyers of chemicals. It has since added financial, warehousing and logistics services in an effort to cover the industry’s entire supply chain.
Approximately 35% of the IPO proceeds will go to strengthening Molbase’s logistics and warehousing capabilities, another 30% will facilitate strategic investments and acquisitions overseas, and 20% will support technology development and staff retention.
Molbase raised $37.6m in a series D round featuring Kinzon Capital, the venture capital fund backed by Fosun, as well as TR Grand Fund, Vangoo Capital, Sinovation Ventures, TrustBridge Partners and Sequoia Capital China in March 2017, it revealed in the filing.
Kinzon Capital had already contributed to a $30m series C round for the company the previous year, together with TrustBridge, Partners Vangoo Capital and Sinovation Ventures, though the round’s size was undisclosed at the time, reports only emerging two months later.
Molbase closed a $6.5m series B round in 2015 backed by Kinzon Capital, Vangoo and TrustBridge Partners. Earlier reports suggested it received $10m in a 2013 series A round, though the filing revealed the round was RMB10m ($1.6m) in size and raised from Sinovation Ventures and TrustBridge in 2014.
Kinzon Capital owns a 14.1% stake in Molbase through a vehicle called Greatest Investments. The company’s other notable shareholders are founder and chairman Dongliang Chan (17.6%), TrustBridge (17%), Sequoia China (15.9%), Vangoo (12.5%), Sinovation Ventures (11.7%) and TR Grand Fund (8%).
AMTD Global Markets, Fosun Hani Securities and Boustead Securities have been appointed underwriters for the proposed offering.
