(Yicai Global) March 30 -- China's Energy Monster, which hires out charging stations for mobile devices in shopping malls and other public locations, aims to raise as much as USD250 million when it goes public on the Nasdaq stock exchange on April 1.

The Shanghai-based company has priced its American Depositary Shares at between USD10.50 and USD12.50 each which could see it raise as much as USD250 million, the firm said in a new filing to the New York bourse yesterday.

Almost half of the stock, some USD110 million worth, is expected to be snapped up by cornerstone investors investment managers Hillhouse Capital and Aspex Management HK as well as smartphone maker Xiaomi Technology, it added.

The listing could give Energy Monster, which is the biggest player in China’s power bank rental market with a 34.4 percent share last year, a valuation of up to USD3.4 billion, it said.

Operator Zhixiang Technology Shanghai will be hoping for a boost. Its profitability has been sliding dramatically in recent years and last year plunged 55 percent from the year before to CNY75.4 million (USD11.5 million). Revenue, though, jumped 40 percent to CNY2.8 billion (USD426 million). The firm’s profit margin has narrowed to 2.7 percent from 8.2 percent in 2019, it added.

Until now, the firm’s biggest shareholder is e-commerce giant Alibaba Group Holding with a 16.5 percent stake, followed by Beijing-based Hillhouse Capital with 11.7 percent and Xiaomi with 7.5 percent.

Editor: Kim Taylor