Lizhi Inc., a leading online UGC audio community and interactive audio entertainment platform in China, announced in January of 2020 that it has priced its initial public offering of 4,100,000 American depositary shares (“ADSs”), at US$11.0 per ADS for a total offering size of approximately US$45.1 million, assuming the underwriters do not exercise their over-allotment option to purchase any additional ADSs. Each ADS represents twenty Class A ordinary shares of the company. The ADSs were expected to begin trading on the Nasdaq Global Market under the ticker symbol “LIZI” as of the January 17, 2020, announcement date.
Lizhi Inc. is a leading online UGC audio community and interactive audio entertainment platform in China, with a mission to enable everyone to showcase vocal talent. The Company is aiming to bring people closer together through voices.
Since launching Lizhi app in 2013, Lizhi has cultivated a vibrant and growing community encouraging audio content creation and sharing. Now, Lizhi is an audio wonderland offering a wide range of podcasts and audio entertainment products and features, including audio live streaming and various interactive products, empowering users to enjoy an immersive and diversified entertainment experience through audio.
TechCrunch reported that Lizhi is the first of its major compeditors, Ximalaya and Dragonfly to go public. (Tech Crunch notes that Ximalaya is expected to also list in the United States this year.) While all three companies host podcasts, audiobooks, and livestreams, Lizhi is the only one that focuses on user-generated content created with the Lizhi app’s recording tools.