Energy Monster, a Chinese power bank sharing company, filed a registration statement with the US Securities and Exchange Commission (SEC) on March 13, planning to list on the Nasdaq under the ticker symbol "EM".
Its tentative capital raising is set at $100 million, although it is worth noting that this is not the final amount, but a "placeholder". Its underwriters are Goldman Sachs, Citi, China Renaissance, and Bank of China International.
In 2020, Energy Monster had operating revenue of RMB 2.809 billion ($430 million) and a profit of RMB 75.4 million, its prospectus showed. It had RMB 2.022 billion in revenue and RMB 167 million in net profit in 2019.
Energy Monster holds a 34.4% market share in China in 2020, ranking first in the industry.
By the end of 2020, Energy Monster had over 664,000 charging points and over 219 million registered users in total.
Energy Monster was founded in Shanghai in May 2017 and is one of the companies with the highest number of completed financing in the power bank sharing industry.
Energy Monster has completed six rounds of financing, with the most recent round of Series D financing being a $234 million deal, according to data provider Tianyancha.
The power bank sharing industry has become increasingly competitive due to COVID-19, industry sources said. Energy Monster's competitor Xiaodian has launched an IPO in China.
Energy Monster's sales and marketing expenses in 2020 were RMB 2.121 billion, up 55.72% year-on-year, while operating income only increased 38.92% year-on-year.
Energy Monster's net profit in 2020 is down 54.85% year-on-year, with a net margin of 8.2% in 2019 and only 2.7% in 2020.
(Source: Energy Monster)