Chinese portable battery-sharing startup Energy Monster has submitted its application to go public on the Nasdaq.

In its prospectus filed to the U.S. Securities and Exchange Commission on Friday, Shanghai-based Energy Monster said that it will use the proceeds for business expansion, talent recruitment and investment. It did not specify the amount of money it is seeking to raise in the planned IPO.

Founded in 2017, Energy Monster provides table-mounted and portable chargers at public places including bars, hotels, restaurants, entertainment venues, transportation hubs and convenience stores.

The company, which generated a net profit of 75.4 million yuan ($11.6 milion) on revenue of 2.8 billion yuan in 2020, had 219.4 million registered users and a network of more than 664,000 power bank rental locations across China as of the end of last year, according to the prospectus.

In 2020, Energy Monster was China’s largest mobile device charging service provider in terms of gross revenue, the company said in the prospectus citing data from iResearch. Citing iResearch data, Energy Monster said that the size of China’s mobile device charging service market is forecast to reach 106.3 billion yuan in 2028, compared with 9 billion yuan in 2020.

In December 2019, Energy Monster raised 500 million yuan in its series C funding round led by Softbank Ventures Asia.

In China’s power bank sharing market, Energy Monster’s biggest competitors are thought to be Jiedian and Xiaodian.

Contact reporter Ding Yi (yiding@caixin.com)

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