Chinese language AI developer Xiao-I (XI) has proposed phrases for a downsized $47M US preliminary public providing.

Xiao-I is planning to supply 6M American Depositary Shares, equaling 2M odd shares, priced between $6.80 and $8.80, which might increase round $47M if priced on the midpoint, in response to its submitting.

The deal seems to have been downsized from a proposal made in December, which indicated the corporate was in search of to increase round $60M.

Xiao-I hopes to checklist its shares on Nasdaq underneath the image XI. Prime Quantity Capital and Guotai Junan Worldwide are serving as lead bookrunners on the deal.

Integrated within the Cayman Islands, Xiao-I operates by way of a variable curiosity entity in China. The corporate is a developer of AI-based pure language processing merchandise, with a concentrate on customer support options. It additionally provides machine studying, cloud computing and laptop imaginative and prescient options.

The corporate is worthwhile. For the six-month interval ended June 30, Xiao-I posted a internet earnings of $591K on income of $12.9M.

AI shares have been in play in current weeks following information that Microsoft (MSFT) deliberate to make a multi-billion greenback funding in ChatGPT developer OpenAI. Chinese language search engine big Baidu (BIDU) is reportedly making ready to roll out the same chatbot product.