The Chinese streaming company iQiyi Inc., majority-owned by Chinese search giant Baidu Inc., is planning to list its shares in the U.S. next week in a deal expected to raise more than $2 billion.

The company is planning to offer 125 million American depositary shares, priced at $17 to $19 a pop, to raise $2.38 billion at the top of the forecast range. That would imply a market capitalization of $14.4 billion, making it the biggest deal of the year so far, according to Kathleen Smith, principal at Renaissance Capital, a provider of institutional research and IPO-themed ETFs.

The previous biggest deal was Brazilian fintech PagSequro Digital Ltd.’s PAGS, +0.73%$2.27 billion deal, which was completed in January, she said. It would also mark the highest-value IPO since Snapchat parent Snap Inc. SNAP, -1.27% went public last March in a $3.4 billion deal, said Smith.

Underwriters Goldman Sachs (Asia), Credit Suisse, Bank of America Merrill Lynch, China Renaissance, Citigroup and UBS have an option to sell an additional 18.75 million shares. The company is planning to list on Nasdaq, under the ticker symbol “IQ.”

Since it was created in 2010, iQiyi IQ, +0.00% has grown into the largest internet video streaming service in China, measured by monthly average users (MAUs) in 2017, according to iResearch, a Chinese third-party research firm that is widely quoted in the prospectus.

The company had 60.1 million subscribing members as of Feb. 28, more than 98% of which were paying subscribers. By comparison, Netflix Inc. NFLX, -1.88% had roughly 53 million paying subscribers in the U.S. in the fourth quarter, and 58 million overseas subscribers.

For the three months ending with December, iQiyi had average mobile MAUs of 421.3 million and about 126 million average mobile DAUs (daily average users). In December alone, members watched 9.2 billion hours of video on the platform and spent an average of 1.7 hours a day on its mobile apps.

The company makes its money from subscription fees, advertising on the platform and content distribution. Proceeds of the IPO are to be used to expand content offerings and strengthen technologies and for working capital and other general corporate purposes. But the IPO is also intended as a way to get the brand name better known and attract and retain employees by offering them equity awards, according to the prospectus.

The company’s original content has proved popular in China, accounting for six of the top 10 original internet drama series in the country in 2017, according to iResearch. “The Lost Tomb,” a high-budget drama series released in 2015, drew more than 100 million video views in the first 24 hours of release, and has generated more than 4 billion views in total.