Chinese mobile big data platform giant: Aurora Mobile Ltd. made its first appearance in Wall Street on last Thursday, after the completion of its first initial public offerings (IPO). The company is now trading in Nasdaq Stock Exchange with the name: 'JG.'
Aurora Mobile Ltd., which is known in China as "Jiguang," made its official debut in Nasdaq Stock Exchange with an IPO of 9,060,000 American Depositary Shares, according to Capital Watch. The inauguration of the company in Nasdaq index was comparatively impressive as it raised $77 million in its first run, which marks its competitiveness to make its name among China's Big Three big data solution providing entities.
Aurora's Progress in Nasdaq Index
At the initial stage, the company offered its stakes at 8.50 U.S. Dollars ($) per American Depository Share. Three American Depository Shares (ADO) represent two Class A common shares. Aurora's share went on to trade at $9 per share, up 5.88 percent from its IPO offerings and within a short timeline, it rose up to 3.53 percent. At the end of its first day in Nasdaq, Aurora's shares closed at $8.80 per, which was 30 percent above than its primary offering of stakes according to Xinhua.
Aurora's Usage of Stakes:
The initial offerings for this time saw a reduction from the $200 million IPO, which Aurora first offered in its primary application for registering itself in Nasdaq index in June this year. Weidong Luo, co-founder and Chief Executive Office of Aurora stated that the proceeds generated from the IPO will majorly be invested in various businesses of the company such as technology, infrastructure, and research & development wings, as well as for the corporate purposes.
In the offerings, the underwriters were given an option to purchase up to 1,359,000 additional share from Aurora and the selling shareholders at the IPO price less the underwriting discount. The option can be exercised within the period of 30 days from the date of the final prospectus.
He further added: "By listing on the Nasdaq, Aurora hopes to further enhance brand awareness and attract more talents to better grasp business opportunities of China's fast-growing big data industry." The company founded in 2001, saw some seriously developing perks in the recent times. Aurora's monthly reached up to 864 million active mobile devices, which accounts for nearly 90 percent of the mobile devices in China, according to its prospectus.
