Soulgate Inc, an algorithm-driven online social platform in China, has filed Amendment No 1 to Form F-1 Registration Statement on June 17, 2021 with the U.S. Securities and Exchange Commission to announce terms for its IPO.
The company plans to raise $185 million by offering 13.2 million shares at a price range of $13 to $15. Assuming a successful IPO at the midpoint of the proposed price, the company expects a market capitalization of $1.8 billion.
The company created Soul as an innovative solution to address these issues that were plaguing the current paradigm of online social networking. Soul is a virtual social playground, where people can live in the moment, express themselves and draw inspiration from each other’s creativity.
The Shanghai, China-based company was founded in 2016 and booked $104 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq Global Market under the symbol “SSR.” Morgan Stanley, Jefferies, BofA Securities and CICC are underwriters of the IPO.
The company engages Skadden, Arps, Slate, Meagher & Flom LLP as US Securities Counsel, and KPMG Huazhen LLP as Independent Auditor.
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