Kingsoft Cloud Holdings dips after pricing equity offering

Kingsoft Cloud Holdings

24/09/2020 13:01

** U.S.-listed shares of Kingsoft Cloud Holdings  KC.O  down
2.5% premarket after co prices follow-on
    ** Beijing-based cloud services provider prices 16.4 mln
ADSs at $31; co offers 8 mln ADSs, several existing shareholders
sell the balance  urn:newsml:reuters.com:*:nGNX1gswd0
    ** Offering prices at 4% discount to stock's Weds close of
$32.29
    ** Kingsoft plans to use net offering proceeds to upgrade
and expand infrastructure, further invest in technology and
product development
    ** JP Morgan, UBS, Credit Suisse, CICC and Goldman Sachs jt
bookrunners for offering
    ** KC shares have more than doubled from $16 May IPO price
 urn:newsml:reuters.com:*:nL4N2CQ3LZ

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))