Short video app Triller confidentially files for U.S. IPO

(Reuters) -Short video app Triller Inc has confidentially filed paperwork for an initial public offering of its class A common stock with the U.S. Securities and Exchange Commission, the company said on Thursday.

The proposed offering comes at a turbulent time for the IPO market with several listings on ice as a selloff in high-growth tech stocks and volatility in the capital markets has soured investor sentiment.

The tepid reception for recent listings underlines the challenges facing IPO-bound companies, including, social media platform Reddit, and Mobileye, the self-driving car unit of Intel Corp.

Earlier this month, Triller ended its $5 billion merger with video advertising software provider SeaChange International Inc and said it would pursue an IPO instead, with a potential listing under the ticker symbol "ILLR" by September.

Dealmaking was among Wall Street's hottest investment trends during the pandemic. However, the year has seen several companies shelve plans as heightened regulatory scrutiny and falling valuations dampen interest.

The company, which was launched in 2015, has looked to take on larger rival TikTok, and offers similar video sharing, editing and social networking features to users on its platform.

Triller's partners include music streaming giant Spotify Technology SA, Sony Music and Universal Music Group, according to the firm's website.

The company also owns Triller Fight Club, a live-event platform in partnership with rapper Snoop Dogg and operates TrillerTV, a long-form content streaming platform with a library of original shows.

(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)

You May Also Be Interested In

• IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
• Keurig Dr Pepper Inc. (KDP) Confirms Previously Announced Resignation of CEO Gamgort, Appoints Timothy Cofer New CEO
• Rubrik (RBRK) Prices Upsized 23.5M Share IPO at $32/sh