TuanChe, which operates an automotive marketplace in China, announced terms for its IPO on Wednesday.
The Beijing, China-based company plans to raise $34 million by offering 4 million ADSs at a price range of $7.50 to $9.50. Insiders intend to purchase up to $15 million of the IPO (44% of the deal). At the midpoint of the proposed range, TuanChe would command a fully diluted market value of $707 million and an enterprise value of $664 million.
TuanChe was founded in 2010 and booked $66 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol TC. Maxim Group LLC and AMTD Asset Management are the joint bookrunners on the deal. It is expected to price during the week of November 19, 2018.
