Fangdd Network Group, a Chinese online real estate marketplace, announced terms for its IPO on Wednesday.
The Shenzhen, China-based company plans to raise $98 million by offering 7.0 million ADSs at a price range of $13 to $15. Insider Decent Capital intends to purchase $20 million worth of ADSs in the offering (20% of the deal). At the midpoint of the proposed range, Fangdd Network Group would command a fully diluted market value of $1.2 billion.
Fangdd Network Group was founded in 2011 and booked $403 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol DUO. Morgan Stanley, Citi, UBS, CICC and AMTD are the joint bookrunners on the deal. It is expected to price during the week of October 28, 2019.
