Qutoutiao Completes its Initial Public Offering
On September 18, 2018, Qutoutiao closed its initial public offering. The company's IPO priced on September 13, 2018, when Qutoutiao announced that it would offer 12,000,000 American Depositary Shares (ADSs) at a price to the public of $7.00 per ADS. The shares began trading on the Nasdaq Global Select Market under the ticker symbol "QTT." The total offering size, after the underwriters fully exercised their over-allotment options was approximately $96.9 million. Wilson Sonsini Goodrich & Rosati represented the underwriters in the offering.
Citigroup Global Markets, Deutsche Bank Securities, China Merchants Securities (HK), UBS Securities, and KeyBanc Capital Markets acted as the underwriters in this offering.
Qutoutiao is a leading mobile content aggregator in China. Its flagship mobile application, Qutoutiao (which means "fun headlines" in Chinese), aggregates articles and short videos from professional media and freelancers, and presents customized feeds to users.
The WSGR team representing the underwriters in the offering includes: