AMERICAS
Coherent, a global company that manufactures and sells a variety of laser- based photonic products, has received a new acquisition proposal from Lumentum, a designer and manufacturer of innovative optical and photonic products. Under the terms of Lumentum's new proposal, each share of Coherent common stock would be exchanged for $230 in cash and 0.6724 of a share of Lumentum common stock at the completion of the transaction.
Lumentum's new proposal follows Coherent's announcement on March 18, 2021 that it had received a revised acquisition proposal from II-VI on March 17, 2021, under which each share of Coherent common stock would be exchanged for $220 in cash and 0.91 of a share of II-VI common stock at the completion of the transaction.
Coherent is advised by Bank of America Merrill Lynch, Credit Suisse, Skadden Arps Slate Meagher & Flom and Brunswick Group. Bank of America Merrill Lynch, Credit Suisse are advised by Cravath Swaine & Moore. Lumentum is advised by Deutsche Bank, Wilson Sonsini Goodrich & Rosati and Joele Frank. Debt financing is provided by Deutsche Bank. II-VI is advised by Allen & Company, JP Morgan, K&L Gates, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. MKS Insruments is advised by Barclays, Lazard and WilmerHale. Debt financing is provided by Barclays.
Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies, completed a $150m investment in Jumio, an online mobile payments and identity verification company.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance. Organizations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs. We’re impressed with this team, the company’s robust growth over the last year, its global coverage and the global market opportunity,” Nick Cayer, Great Hill Partner.
Jumio was advised by Evercore, Winston & Strawn, 10Fold Communications and FleishmanHillard. Great Hill was advised by Moelis & Co, Goodwin Procter and Stanton PRM.
VELO3D, a manufacturing solution provider, agreed to go public via a $1.6bn merger with JAWS Spitfire Acquisition, a special purpose acquisition company. Additionally, a $150m PIPE is led by Baron Capital Group and Hedosophia. Upon completion of the transaction, which is expected to occur in the second half of 2021, the combined company will operate as VELO3D, and will be listed on the New York Stock Exchange under the new ticker symbol "VLD".
"I am proud that such visionary partners continue to trust VELO3D to build products through methods that were previously impossible. With JAWS Spitfire's long-term partnership, we expect to extend the reach of VELO3D's technology and bring its solutions to even more customers globally. As we scale our business and advance our growth strategy, we expect to expand the high value metal additive manufacturing market and strengthen our competitive position," Benny Buller, VELO3D CEO.
VELO3D is advised by Bank of America Merrill Lynch and Fenwick & West. JAWS Spitfire is advised by Credit Suisse, Kirkland & Ellis and Abernathy MacGregor Group. Baron Capital Group and Hedosophia are advised by Skadden Arps Slate Meagher & Flom.
Banc of California, a bank, agreed to acquire Pacific Mercantile, a bank holding company, for $235m. The transaction is expected to close in the third quarter of 2021, subject to satisfaction of customary closing conditions, including regulatory approvals and shareholder approvals from Banc of California and Pacific Mercantile shareholders.
"We are excited to welcome Pacific Mercantile's clients and colleagues into our banking family. Pacific Mercantile's talented team has built an attractive roster of operating company clients, and we look forward to serving them with high-touch relationship banking," Jared Wolff, Banc of California President and Chief Executive Officer.
Pacific Mercantile is advised by Keefe Bruyette & Woods and Sheppard Mullin Richter & Hampton. Banc of California is advised by Piper Sandler, Sullivan & Cromwell and Prosek Partners.
Arcosa, a provider of infrastructure-related products and solutions, agreed to acquire StonePoint Materials, a construction aggregates company, from Sun Capital Partners, an American private equity firm, for $375m.
“StonePoint represents an outstanding strategic fit for Arcosa. The transaction aligns with Arcosa’s strategy to expand our Aggregates business in our current footprint and to enter new, attractive geographies. StonePoint has an experienced operating team, an attractive pipeline of organic growth projects and bolt-on acquisitions, and a footprint in fast-growing markets. We look forward to welcoming the StonePoint team to the Arcosa family and building on our combined strengths,” Antonio Carrillo, Arcosa’s President and Chief Executive Officer.
Arcosa is advised by Evercore, Weil Gotshal and Manges and Advisiry Partners. Sun Capital Partners is advised by Kirkland & Ellis.
Thoma Bravo agreed to acquire Calabrio, a provider of products and services to help companies streamline customer service, support and workforce management through cloud-first software systems, from KKR. Financial terms were not disclosed.
"Calabrio was in the unique position of having predicted a trajectory to cloud-first systems more than a decade ago and used this premise to build intelligent applications around a strong cloud-based foundation. The pandemic only accelerated this digital transformation and Calabrio seized the opportunity to solidify its place as the leading customer experience intelligence brand. We look forward to collaborating closely with Tom and his team as the company enters this new growth chapter," Seth Boro, Thoma Bravo Managing Partner.
Calabrio is advised by Perella Weinberg Partners. Thoma Bravo is advised by Kirkland & Ellis. Debt financing is provided by Golub Capital.
Kinderhook Industries-backed Automotive Keys Group, a remanufacturer and distributor of replacement automotive keyless entry remotes, agreed to acquire Midwest Keyless, a remanufacturer and distributor of replacement OEM. Financial terms were not disclosed.
"The Midwest Keyless team is an invaluable addition to AKG and together we will enhance the growth potential of our combined businesses. The integration of Midwest Keyless will allow us to better serve our customers and expand our relationships with locksmiths and other professionals nationwide and in Canada," Ayal Sharvit, AKG CEO.
Midwest Keyless is advised by Conlin & Co. Automotive Keys Group is advised by Monroe Moxness Berg.
Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, led a $200m funding round in Eat Just, a food technology company. The round was joined by Charlesbank Capital Partners and Vulcan Capital.
"We are very excited to work with our investors to build a healthier, safer and more sustainable food system. Their knowledge and experience partnering with companies that are transforming numerous industries were fundamental in our decision to partner with them," Josh Tetrick, Eat Just Co-Founder and CEO.
Eat just is advised by Bank of America Merrill Lynch and ABG Sundal Collier.
The Hartford, an investment and insurance company, rejected a $23bn acquisition offer from Chubb, a property and casualty insurance company.
Hartford in a short statement said its board, after consultation with its financial and legal advisers, had determined that entering into talks about a deal would not be in the best interests of the company and its shareholders.
D1 Capital Partners, Fidelity Management and Research, Baillie Gifford, Eldridge, Reinvent Capital, Luxor Capital and SoftBank Vision Fund led a $1.15bn funding round in goPuff, a US delivery start-up, valuing the company at $8.9bn.
"With these new funds, goPuff will continue to accelerate our strategic priorities, which include geographic expansion across the US and internationally, introducing new product categories, and investing in top-tier talent and new technology that will further enhance the customer experience," goPuff.
SeaSpine Holdings, a global medical technology company, agreed to acquire 7D Surgical, a developer of advanced optical technologies and machine vision-based registration algorithms, for $110m.
“This combination of our innovative cultures will allow us to expand and stretch our clinical value by fully encompassing the patient experience from the onset of surgical planning through the end of treatment and recovery. We believe that participation in the patient’s complete continuum of care, coupled with an industry leading safety profile for the surgeon, the surgical support team, and the patient, will accelerate our market-share taking strategy. As we know, surgeons can reach their occupational limit of radiation in as little as 10 years. We believe the 7D platform, combined with our now-comprehensive spinal implant and orthobiologics portfolios, will lead the way in advancing spine surgery, while making everyone safer in the surgical environment,” Keith C. Valentine, SeaSpine President and Chief Executive Officer.
BioLife Solutions, a developer and supplier of a portfolio of class-defining bioproduction products and services for cell and gene therapies, agreed to acquire Global Cooling, operating as Stirling Ultracold, a privately held manufacturer of ultra-low temperature mechanical freezers. BioLife will issue 6.6m shares of common stock for 100% of the outstanding shares of Stirling in an all-stock transaction.
"With this transaction, we continue to execute our M&A strategy to consolidate the bioproduction tools and services space by adding novel and disruptive technologies to our portfolio. This acquisition superbly complements our offering. Combining Stirling's -20°C to -86°C freezer systems with our current liquid nitrogen freezers provides complete ULT coverage of cold-chain infrastructure critical for personalized medicine. Further, Stirling's intellectual property portfolio of 80 patents fulfills our goal of acquiring novel and disruptive technologies that we can market to our cell and gene therapy customers, as well as to the broader biopharma industry. Demand for Stirling's ULT freezers is significant, fueled by the storage requirements for Covid-19 vaccines," Mike Rice, BioLife Solutions CEO.
Microsoft in talks to purchase Discord for $10bn.
Microsoft, a company that develops, manufactures, and supports software products, is in talks to acquire Discord, a gaming company, for more than $10bn, Reuters reported.
Box examines sale under Starboard pressure. (FS)
Box, a US cloud services provider, considers a sale amid pressure from Starboard Value, a hedge fund and investment advisory company, over its stock performance.
Reuters reported that Box discussed a potential deal with interested buyers, including other companies and private equity firms.
SoftBank-backed Compass targets $10bn valuation in US IPO. (FS)
SoftBank-backed Compass, a real estate brokerage firm, aims to a $10bn valuation in its IPO in the United States. The company aims to raise up to $936m in the IPO, selling 36m Class A shares priced between $23 and $26 per share, Reuters reported.
The company raised $1.5bn from investors including SoftBank, Goldman Sachs and Canada Pension Plan Investment Board.
Compass is advised by Goldman Sachs, Morgan Stanley and Barclays.
KKR-backed AppLovin plans to raise $1bn in US IPO. (FS)
KKR-backed AppLovin, a US mobile app and gaming company, aims to raise $1bn in an IPO. However, AppLovin did not reveal the number of shares it plans to offer to investors or its offering price range, Reuters reported.
Morgan Stanley, JP Morgan, KKR, Bank of America Merrill Lynch, and Citigroup are the lead underwriters for AppLovin’s offering.
AvidXchange seeks a $7bn valuation in IPO.
Mastercard and PayPal-backed AvidXchange, a company providnig services in automating invoice and payment processes, hired investment banks, including Goldman Sachs to lead preparations for an IPO. The offering can value the company at more than $7bn, Reuters reported.
As well as Goldman Sachs, JP Morgan, Bank of America Merrill Lynch, and Barclays have been retained as IPO arrangers.
NextGen Acquisition II announces pricing of $350m IPO.
NextGen Acquisition II, a SPAC, priced its IPO of 35m units at $10 per unit. The units will be listed on Nasdaq and trade under the ticker symbol “NGCAU”. The company intends to focus on the industrial, technology, and healthcare sectors.
Each unit consists of one Class A ordinary share and one-fifth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.5 per share.
Goldman Sachs and Credit Suisse are acting as joint book-running managers.
Commonfund Capital closes the 13th fund at a $625m hard cap. (FS)
Commonfund Capital, an investment management company, closed Commonfund Venture Partners XIII at its hard cap of $625m.
The fund includes capital commitments from foundations, endowments, pensions, healthcare systems, and family offices.
“We are very appreciative of the continued support from our mission-driven and membership-based investors. The combination of our industry relationships, dedicated focus, and access should enable us to support the innovation economy and help us drive returns for our investors,” Aaron Miller, Commonfund Capital Managing Director and Head of Venture Capital.
Banner Ridge closes the debut primary fund with $300m in commitments. (FS)
Banner Ridge Partners, an alternative investment firm with over $1bn in assets under management, closed Banner Ridge DSCO Fund I at its hard cap with $300m of total commitments.
DSCO I will target private equity funds with strategies characterized by distressed, special situations and credit. DSCO I received investments from institutional investors, including public and private pension funds, RIAs, and several prominent family offices.
"The primary private equity fund platform at Banner Ridge is instrumental to our strategy of developing long-term relationships with best-in-class private equity managers. We have already made several investments in the fund and continue to progress on a robust pipeline of opportunities that align squarely with our proven primary investment strategy," Anthony Cusano, Banner Ridge Co-Founder and Portfolio Manager.
Summit Partners former principal pulls in over $167m for Denali Growth Partners fundraise. (FS)
Jesse Lane, Summit Partners former principal, raised at least $167m for his debut Denali Growth Partners fundraising, which will target companies active in asset-light technology and healthcare.
DGP would like to invest in sustainable growth markets, emerging markets supported by innovative technology, mature markets, and fragmented markets where opportunities exist for industry consolidation.
JMI Equity former investors closed a $157m debut fund. (FS)
Jit Sinha and Chris Rhodes, former JMI Equity investors, sealed the final close of $157m for a debut fund as Resolve Growth Partners, a private equity firm.
“We are immensely grateful for the strong support we have received from our new limited partners, especially in these unprecedented times. In addition, we look forward to continuing to work with development companies where team investment, market entry and operations can help accelerate growth," Jit Sinha and Chris Rhodes.
Resolve Growth Partners is advised by Acalyx Advisors and Gunderson Dettmer.
EMEA
EssilorLuxottica, a designer, manufacturer and distributor of ophthalmic lenses, frames and sunglasses, obtained EU antitrust approval for its $8.5bn acquisition of GrandVision, an optical retailer, after pledging to divest 351 stores in three countries to address competition concerns, Reuters reported.
In Belgium, the GrandOptical chain of 35 stores will be sold without the brand name, while in Italy a total of 174 stores, which includes EssilorLuxottica's VistaSi chain and 72 GrandVision stores will be put on the block. In the Netherlands, 142 stores from the EyeWish chain will be divested.
GrandVision is advised by ING Bank, Bredin Prat and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group and Community Group. Debt financing is provided by Credit Agricole and HSBC. Debt providers are advised by Hogan Lovells. HAL is advised by NautaDutilh.
The Carlyle Group to acquire a majority stake in END, a luxury, streetwear and sportswear retailer. Financial terms were not disclosed.
“We are thrilled to welcome Carlyle as our new partner. Their experience and strong track record in Luxury and Streetwear will be invaluable to us in supporting END.’s long-term and sustainable growth strategy. Carlyle’s industry knowledge and truly global platform will be instrumental as END. continues to reach an increasingly international audience. We’d also like to thank Index Ventures for being a fantastic partner and great to work with over the last 7 years,” Christiaan Ashworth and John Parker, END Co-Founders and Co-CEOs.
The Carlyle Group is advised by Morgan Stanley, RBC Capital Markets and Latham & Watkins. END is advised by Goldman Sachs and Womble Bond Dickinson.
Nordic Capital, a global healthcare private equity investor, agreed to invest €450m ($536m) in LEO Pharma, a multinational Danish pharmaceutical company, a commercial foundation. The transaction is subject to customary regulatory approvals and completion is expected to take place in the first half of 2021.
"I am very enthusiastic about the opportunity to welcome Nordic Capital onboard. With Nordic Capital we have secured a supportive and seasoned partner going forward with deep medical expertise and a strong track record supporting value creation in innovative healthcare businesses globally. Further, their strong Scandinavian heritage lends itself to a common cultural understanding and approach. I am confident that the partnership will further enhance the considerable growth potential of LEO Pharma, and it is a natural next step on LEO Pharma's journey," Jesper Mailind, LEO Foundation CEO.
Nordic Capital is advised by Bank of America Merrill Lynch and Accura Advokatpartnerselskab. LEO Foundation and LEO Pharma is advised by Moelis & Co and Plesner.
Kingspan Group, a high-performance insulation and building envelopes provider, agreed to acquire Logstor International, which supplies technical insulation solutions encompassing complete pre-insulated pipe systems, from Triton Partners, an investment firm, for €253m.
"The acquisition of Logstor marks an important step for Kingspan, as part of our strategy to develop our technical insulation proposition as a complementary business to core building insulation. Logstor is a great company with a dedicated workforce and superior products in an industry that will see strong growth in the years to come," Gene Murtagh, Kingspan Chief Executive Officer.
Kingspan is advised by Murray Consultants. Triton is advised by Brunswick Group.
Norway will block Rolls-Royce from selling Bergen Engines, a Norwegian maritime engine maker, to TMH Group, a Russian rolling stock manufacturer and rail service company, on national security grounds, Reuters reported.
"We now have sufficient information to conclude that it is necessary to prevent the company from being sold to a group controlled from a country with which we do not have security cooperation," Monica Maeland, Justice Minister of Norway.
TMH Group is advised by Cleary Gottlieb Steen & Hamilton. Rolls-Royce is advised by Brunswick Group.
CapitalG, a private equity firm, and Redpoint Ventures, an American venture capital firm, led a $210m Series C funding round in Orca Security, a provider of cloud security solutions. The round was joined by GGV Capital, ICONIQ and Silicon Valley CISO Investments.
"Their touchless SideScanning technology is best-in-class, as confirmed by our extensive interviews with their ecstatic customers and by the senior Google security leaders who we invited to evaluate it. We believe that Avi and team not only have a compelling vision but also the ability to execute it. We're thrilled to join Orca on their journey to reinvent cloud security," Gene Frantz, CapitalG General Partner.
Orca Security was advised by RH Strategic.
Mondelez International, a food and beverage company, agreed to acquire a majority stake in Grenade, a sports performance and active nutrition brand. Financial terms were not disclosed.
“Grenade’s great-tasting, on-trend products are a great platform for Mondelēz International in the UK market and beyond. This is another exciting opportunity to deliver on our strategy to be a global leader in broader snacking, including in the important area of well-being,” Dirk Van de Put, Mondelez International Chairman & Chief Executive Officer.
Atomico, an investment company, led a $100m Series C funding round in Aiven, a software company, valuing the company at $800m. The round was joined by Salesforce Ventures, World Innovation Lab, Earlybird Venture Capital and IVP.
"Aiven's mission is to champion open source, making the lives of developers better in all that we do. The most recent funding will enable us to continue adding new service capabilities, grow our team and expand into new markets, as well as more significantly contribute to the open source community," Oskari Saarenmaa, Aiven CEO and Co-Founder.
Kingswood Acquisition in exclusive talks to acquire Blackstone-backed Lombard. (FS)
Kingswood Acquisition, a blank cheque vehicle, is in exclusive talks to acquire Blackstone-backed Lombard, a UK-based wealth management group. The deal could value Lombard at around $835m, Sky News reported.
The deal could be one of the first takeovers of a British-based financial services business by a New York-listed SPAC. The blank cheque company is backed by Kingswood Group, a wealth management firm, and
Pollen Street Capital, a private equity firm.
Blackstone is advised by Bank of America Merrill Lynch. Kingswood is advised by Oppenheimer.
Amazon to sell Deliveroo stake for $148m in IPO.
Amazon is set to sell a stake in Deliveroo, an online food delivery company, for $148m in London's IPO.
Amazon will own 11.5% of Deliveroo following its listing, down from the 15.8% it holds now. The retailer could sell as many as 23.3m shares, which at $6.37 each, Bloomberg reported.
Index Ventures, DST, Greenoak, Bridgepoint, and Accel are among the other investors selling down stakes in the IPO. Will Shu, Deliveroo CEO, plans to sell 6.7m shares valued at $43m at the top end of the price range.
LAVA Therapeutics sets terms for $101m US IPO.
AVA Therapeutics, a Dutch biotech developing therapies for cancer, announced terms for its $101m IPO.
The company plans to offer 6.7m shares at a price range of $14 to $16. At the midpoint of the proposed range, LAVA Therapeutics would be valued at $405m. LAVA Therapeutics plans to list on the Nasdaq under the symbol LVTX.
JP Morgan, Jefferies and SVB Leerink are the joint book-runners for the offering. LAVA Therapeutics is advised by De Brauw Blackstone Westbroek, Cooley, NautaDutilh, and Davis Polk & Wardwell.
Klar Partners closes a $715m inaugural fund. (FS)
Klar Partners, a European private equity firm, closed its debut fund, Klar I, at its $715m hard cap. Klar, set up by Triton former executives, seeks to invest in companies based in Nordic, Benelux, and DACH regions operating in business services and industrial sectors, PE News reported.
The fund attracted interest from public pensions, endowments and foundations, fund of funds, family offices, insurance companies, and consultants from Europe and North America.
"We are thrilled with the level of support shown by our investment partners and the trust they have placed in us as a first-time fund in this market,” Carl Johan Falkenberg, Klar Partner.
APAC
Tencent Holdings will face concessions in a plan to merge Huya and DouYu, the country's top two videogame live-streaming sites, in order to resolve antitrust concerns, Reuters reported.
The regulators are concerned that the deal would give Tencent overwhelming dominance, it's prepared to settle for approval subject to conditions.
DouYu is advised by Morgan Stanley, Davis Polk & Wardwell, Han Kun Law Offices, Ogier and ICR. Morgan Stanley is advised by Weil Gotshal and Manges. Huya is advised by Citigroup, Haiwen & Partners, Maples Group, Skadden Arps Slate Meagher & Flom and The Piacente Group. Tencent is advised by Goldman Sachs, Latham & Watkins, Walkers and Zhong Lun Law Firm. Goldman Sachs is advised by Cleary Gottlieb Steen & Hamilton.
New Wave Holdings, an investment holding company, completed the acquisition of the remaining stake in SINA, an online media company serving China and the global Chinese communities.
Each ordinary share of SINA issued and outstanding immediately prior to the effective time of the merger has been cancelled and ceased to exist in exchange for the right to receive $43.3 in cash per ordinary share.
SINA was advised by Morgan Stanley, Gibson Dunn & Crutcher, Harneys and Maples Group. Morgan Stanley was advised by Kirkland & Ellis. New Wave was advised by Appleby and Skadden Arps Slate Meagher & Flom. Debt financing was provided by China Minsheng Banking.
China Merchants Bank, a Chinese bank, and Mirae, a financial services group, led a $120m Series C funding round in EpimAb, a start-up biotech company. The round was joined by Hony Capital, Cormorant Asset Management, Yanchuang Capital, Octagon Capital, Adrian Cheng, ShangBay Capital, Decheng Capital, SDIC Fund, Sherpa Healthcare Partners and Hidragon Capital.
"The completion of our Series C financing will enable us to accelerate the development of our three clinical assets EMB-01, EMB-02 and EMB-06, and to advance our rich pipeline of preclinical programs into the clinic as we continue to build on our portfolio of novel bispecific antibodies generated based on our proprietary FIT-Ig technology. We greatly appreciate the support from our new and current investors as we move into this next phase of our company's development and remain committed to bringing innovative bispecific antibody therapeutics to patients worldwide," Chengbin Wu, EpimAb Biotherapeutics Founder and CEO.
EpimAb was advised by MacDougall.
VEON, a Dutch-domiciled multinational telecommunication services company, completed the acquisition of a 15% stake in Pakistan Mobile Communications, the operating company of Pakistan's mobile operator, Jazz, from Dhabi Group, an investor in various sectors, for $273m.
"We are excited to conclude this transaction and take full ownership of our business in Pakistan. Jazz has an abundance of growth opportunities as its customers embrace our market-leading 4G and digital services. We look forward to supporting the team at Jazz as they continue to develop these opportunities further. I would also like to thank the Dhabi Group, which has been a strong partner to VEON in Pakistan," Sergi Herrero, VEON's co-CEO.
UAE to invest $10bn in Indonesia’s sovereign wealth fund. (FS)
The United Arab Emirates plans to invest $10bn in Indonesia’s new sovereign wealth fund to be spent on projects inside Southeast Asia’s economy, DealStreetAsia reported.
The UAE investment will be used for infrastructure projects like roads, ports, tourism, and agriculture.
“The investment should help narrow the gap between the domestic funding capacity and the need for development program," Indonesia spokesman for coordinating ministry of maritime affairs and investment.
Tata Group considers selling a stake in financial services units.
Tata Sons, a principal investment holding company, is considering selling stakes in some of its financial services units. It could help the company to unlock value and raise funds for investments in newer businesses such as online retail, DealStreetAsia reported.
The Tata group holding company has set up a team to explore value-unlocking opportunities in its financial services companies through stake sales to strategic and financial investors.
Tencent and Alibaba-backed Bilibili considers raising $2.6bn in HK listing.
Tencent and Alibaba-backed Bilibili, a Chinese online video site, is set to raise $2.6bn after pricing shares in its Hong Kong secondary listing at $104 each. One Bilibili Hong Kon share is equal to one of its American depositary shares, DealStreetAsia reported.
Bilibili sold 25m shares in the offering and set a maximum price of $127 per share for retail investors. Bilibili would use half of the cash raised to help boost user and content growth.
|
