Chinese power bank sharing vendor Energy Monster plans to list on Nasdaq on April 2 under the ticker symbol "EM," according to local media outlet IPO Zaozhidao.
Energy Monster's IPO will raise $500 million, higher than the $300 million previously reported by IFR, the report said.
As previously reported by CnTechPost, Energy Monster filed its F-1 prospectus with the SEC on March 13, with Goldman Sachs, Citi, and China Renaissance as co-lead underwriters and BOC International as an associate underwriter.
Prior to filing its prospectus with the SEC in January, Energy Monster had completed a round of financing of more than $200 million, including an investment of $124 million from tech giant Alibaba.
The two individuals representing the investors on Energy Monster's board are Xiaomi and Alibaba.
Energy Monster has completed six rounds of funding, with the most recent Series D round trading at $234 million, according to data provider Tianyancha.
The industry for power bank sharing has become increasingly competitive due to COVID-19, industry sources said. Energy Monster's rival Xiaodian has launched an IPO in China.
Mobile device charging services account for only 9.3 percent of potential POI points in China by the end of 2020, meaning the industry has room to rise, according to a report by iResearch Consulting Group.
Energy Monster holds 34.4% of China's market share in 2020, making it the largest mobile device charging service provider in China.
By the end of 2020, Energy Monster had more than 664,000 charging locations and over 219 million total registered users.
(Photo: Energy Monster)