Matrix-Backed Cheetah Mobile Downsizes IPO By One-Third

Beijing-based Chinese security software maker Cheetah Mobile Inc. has finalized pricing terms for its U.S. IPO, planning to raise up to US$174 million by offering 12 million American Depository Shares (ADS) at a price range of US$12.50 to US$14.50 apiece, according to a securities filing of the company.

The final IPO size is significantly smaller than its originally planned maximum fundraising total of US$300 million.

Cheetah Mobile, formerly known as Kingsoft Internet Software Holdings Limited, initially filed its F-1 form with the U.S. Securities and Regulatory Commission on April 2. It filed an amended version on April 22, and submitted its pricing details on April 25.

Matrix Partner China owns 6.3% of the company. Other major stockholders include Kingsoft Corporation Ltd. and Tencent Holdings Ltd., each owning 54.1% and 18% respectively, according to the filing.

Cheetah Mobile is the number two Internet security software provider in China, with 341 million total monthly active users, says the filing.

The company will list on the New York Stock Exchange under the ticker symbol "CMCM".

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