Q&K International Group, which operates a long-term apartment rental platform in China, announced terms for its IPO on Friday. In its latest filing, the company also added Prime Number Capital, Everbright Sun Hung Kai, Tiger Brokers, and China Securities as underwriters.
The Shanghai, China-based company plans to raise $94 million by offering 5.2 million ADSs at a price range of $17 to $19. Insiders Crescent Capital, Newsion Venture, and Youzhen intend to purchase $45 million worth of shares in the offering. At the midpoint of the proposed range, Q&K International Group would command a market value of $899 million.
Q&K International Group was founded in 2012 and booked $169 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol QK. Morgan Stanley, CICC, and Prime Number Capital are the joint bookrunners on the deal.
