Sequoia-Backed Cloud Technology establishment Weighs $500 Million Initial Public Offering (IPO)
Beijing-based cloud computing service organization ‘Beijing Ronglian Yitong Information Technology Corporation Limited, is considering an initial public offering (IPO) that could boost up to 500 million dollars.
Moreover, the Beijing-based company cooperates with Citigroup Inc. and Goldman Sachs Group Inc. for the sale of shares, and aims to list in the first semester of this year, people said, requesting not to be identified as the issue is private.
The start-up, which has Sequoia Capital China among its leading investors, is considering potential sites for the IPO, in particular the United States and Hong Kong, but no final decision has been made.
Besides, it announced in November that it had raised 125 million dollars as part of a Series F funding cycle led by the Capital Venture Investment Fund, a Chinese government fund, along with New Oriental Industrial Fund, Mirae Asset, Parantoux Capital as well as the CloudAlpha.
Meanwhile, the Initial Public Offerings (IPO) deliberations continue, with details such as schedule and size subject to change.
According to its website, Yuntongxun is a cloud communications platform and service provider, with customers like Bank of China Ltd., China Merchants Securities Co. However, the company has over a thousand employees in China as well as in Tokyo.
Lastly, Representatives for Citigroup and Goldman Sachs refused to comment, while one representative from Yuntongxun did not straight away respond to requests for comments.
