Venture-Backed Xunlei Completes $88M US IPO

Shenzhen-based Chinese video service provider Xunlei Limited has raised US$88 million by offering 7.3 million shares at US$12 apiece on the NASDAQ. The company is trading under stock symbol XNET.

The IPO size is slightly lower than the US$100 million the company estimated in a securities filing submitted in May, but both the final share price and the number of shares offered are higher than the range estimated when Xunlei priced the IPO earlier in June.

Xunlei previously filed for a U.S. IPO in 2011, but canceled its plans after investor concerns over the use of its software for online piracy.

In April, the company completed a new round of financing, raising a total of US$310 million from lead investor Chinese smartphone maker Xiaomi Inc., and participating investors Kingsoft Corporation, Morningside Ventures and IDG Capital.

Before this round, Xunlei completed five rounds of financing. They are several million U.S. dollars series A funding from IDG Capital in 2003, US$10 million series B funding from Morningside Ventures and IDG Capital in 2005, US$20 million series C funding led by Ceyuan Ventures in 2007, US$29.4 million series D funding from Rupert Murdoch in 2011, and US$50 million series E funding led by Primavera Capital in 2012.

Founded in 2003, Xunlei is a file sharing and video download service provider. It delivers solutions for broadband users to obtain multimedia content.

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