Meitu Inc. who provides video and picture editing apps just filed for an IPO that expects to raise from $500 million to $1 billion. The Chinese selfie sensation app-maker, currently boasting a user base of 360 million monthly active users on its most popular product, the MeituPic app. Not only that, but its total user base including the company’s whole portfolio of products totals more than a billion unique mobile devices worldwide.
Meitu, the Xiamen-based company has been in the market since October 2008, founded by Cai Wenshang. In order to provide a superior user experience, the company has avoided in-app advertising. This has led Meitu to generate most of its revenue from sales of a limited output of smartphones designed especially for selfie lovers with high-end specs such as a 21 megapixel front camera. Meitu announced its joint venture with Foxconn last year in order to manufacture these high end seflie-oriented phones.
The tech-giant currently has $360 Million raised on three funding rounds. The Wall Street Journal reported that after the IPO the Meitu expects to have a valuation of roughly $5 billion.