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Chinese social platform Soul files to list on NASDAQ

Dorothy Zheng May 11, 2021 11:41 GMT+8

Chinese social platform Soul files to list on NASDAQ-CnTechPost

Chinese social platform Soul filed a prospectus with the US Securities and Exchange Commission on May 10 to apply for a listing on NASDAQ.

Soul's revenue in 2020 was RMB 498 million ($78 million), up 604.3% year-on-year, the company's prospectus showed.

Its revenue for the first quarter of 2021 was RMB 238 million, up 260% year-on-year, with an overall gross margin of 86% for the quarter.

Soul's daily active users have exceeded 10 million, up 94.4% from a year earlier. In the first quarter of this year, the average monthly paid user size reached 1.54 million, and the average monthly revenue from each paid user reached RMB 48.6.

No information is available on Soul's valuation, but The Information reported in March that Soul could be valued at $1 billion or more.

The report cited people familiar with the matter as saying that Soul was in talks with potential investors and was looking to raise about $200 million at a valuation of more than $1 billion.

Investors could value Soul at as much as $2 billion, according to the report. Soul has raised a total of $60 million from private investors, according to PitchBook.

In November 2020, Soul had nearly 29 million monthly active users, up 133% year-on-year, The Information said. One investor said the average user spends about 40 minutes on the app. Currently, Soul has 100 million registered users.

#IPO#Soul
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Dorothy Zheng
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