Oct 25, 2019 (China Knowledge) - Chinese internet-based services company Shenzhen FangDD Network Technology Co., Ltd. has finalized the terms for its initial public offering (IPO) on NASDAQ.
The company, which also operates an online-to-offline real estate platform, plans to offer a total of 7 mln American Depository Shares (ADS), priced between USD 13 to USD 15 per share. An additional 1.05 mln ADSs may be purchased by the underwriters.
FangDD hope to raise up to USD 105 mln based on the finalized terms of its IPO.
Founded in 2011, FangDD facilitates property transactions between buyers and sellers through real estate brokers. The platform provides the brokers with big data and cloud computing services for the management of the various property transactions. FangDD is believed to have amassed a total of around 911,000 users at the end of last year, which is roughly 50% of all real estate brokers in China. At the end of 2018, FangDD’s total revenue was RMB 2.3 bln (USD 332.4 mln), up 26.9% YoY.
In an official statement, FangDD said that the funds raised from its IPO will be used in research and development of the company’s products, as well as invested into technology and sales and marketing operations.
FangDD will be listed on NASDAQ under the ticker DUO.
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