China's Kingsoft seeks up to $300 mln in U.S. IPO of unit -IFR
HONG KONG Jan 31 (Reuters) - China software company Kingsoft Corp Ltd aims to raise between $200 million and $300 million in a U.S. listing of its security software business, Thomson Reuters IFR reported.
Kingsoft, which makes entertainment, Internet security and office software, said this week it had applied to the Hong Kong Stock Exchange for permission to spin off Kingsoft Internet Software and list it on either the Nasdaq or the New York Stock Exchange.
JPMorgan and Morgan Stanley are working on the transaction and a listing is expected in the second quarter of the year, IFR said.
Kingsoft holds about 54 percent of the issued shares of Kingsoft Internet Software and is proposing a dual-class structure that would allow Kingsoft to retain control and continue to consolidate the unit's financial results after the IPO.
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