Xiaomi-backed online brokerage Tiger Broker plans to raise up to US$91 million in an initial public offering on the Nasdaq stock market, according to prospectus filled with the US Securities and Exchange Commission.
UP Fintech Holding, which holds the Tiger Broker platform, will offer 13 million American Depository Shares at US$5 to US$7 per share, the prospectus showed.
Chinese smartphone maker Xiaomi currently has a 14.1% stake in UP Fintech, and Interactive Brokers Group, one of the largest US online brokers, has a 7.7% stake. Both Xiaomi and Interactive Brokers have expressed interest to subscribe for the IPO.
UP Fintech Holding, via the Tiger Broker online and mobile platform, offers US and Hong Kong securities mostly for mainland Chinese users.
According to iResearch, it is the largest online broker focusing on global Chinese investors in US stock trading, with a market share of approximately 58.4% in 2017.
It has achieved a transaction volume of 1 trillion yuan within three years of the launch of Tiger platform, it said in the prospectus.