Short Video App Triller Sails Against Wind, Files for IPO

Short video app Triller has filed for an initial public offering (IPO), Reuters reported Thursday (June 30).

Triller opted out of its $5 billion merger with SeaChange, a video advertising software provider, earlier this month. Instead, the company said it wanted to opt for an IPO.

The company debuted in 2015 and has been looking at taking on bigger market rival TikTok, as Triller offers similar features like video sharing, editing and social networking. Among Triller’s partners are streaming giant Spotify, Sony Music and Universal Music Group, per the report.

However, this development comes amid turbulence and volatility in the IPO market. Numerous listings have been put on ice this year, with a lot of selloff in high-growth tech stocks, making investors disinterested.

There has also been a tepid reception for many recent listings, and Reuters noted that companies like Reddit and self-driving car company Mobileye, who are both also pursing an IPO, have a steep road ahead.

Reuters wrote that while deal-making was a major trend during the pandemic, this year has somewhat soured the market, with numerous companies shelving their plans due to factors like increased regulatory scrutiny and plummeting valuations.

IPOs have fallen over 90% in value this year so far due to a number of factors, including the Russia-Ukraine war and high levels of inflation.

Read more: IPO Value Plunges 90% in 2022 in US, Europe

Many businesses have been changing their plans, with only 157 companies raising $17.9 billion in total in the first five months of the year.

This is a decrease from 628 companies with $192 billion in total for that same period last year — the busiest period ever for listings in its first three quarters — indicating that the good favors seem to be on the way out for now.