(Yicai Global) March 17 -- Inspur Cloud Information Technology, whose recently concluded fundraising valued the firm at CNY10 billion (USD1.4 billion), said it plans an initial public offering of shares on Shanghai's Nasdaq-style Star market this year.
The leading cloud computing and big data services provider today announced the completion of its final round of financing before going public, without providing any other details about the C-round of fundraising.
The Shandong province-based company has a stable revenue stream in smart city, industrial internet and government administration and can meet the regulator's listing requirements for operating revenue, Chief Executive Xiao Xue told Yicai Global at a press conference.
The cloud computing business is a heavy asset, and Inspur Cloud has been making investments while developing business, Xiao said, adding that the firm won't make many changes to its business as it prepares to list. But it may recalibrate its investments, including higher spending on research, development and infrastructure.
Surging demand for online office services during the novel coronavirus epidemic period has led to rapid development of China's enterprise services market, Xiao said. Inspur Cloud's business has grown significantly and it has rolled out a series of free services, he added, such as collaborative office software and apps for epidemic surveillance and containment and managing company restarts.
Inspur Group, an information technology services provider, formed Inspur Cloud in 2010 and has gradually developed it into a key subsidiary. Inspur Cloud had set up 60 data centers nationwide as of the end of last year, providing cloud computing services to more than 180 local government agencies and one million companies, per the firm's website.
Editors: Dou Shicong, Peter Thomas