Phoenix Tree Holdings, which operates an online marketplace for residential rentals in China, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise closer to $300 million.
Operating under the name Danke Apartment, the company operates 406,746 apartment units in China. Two other Chinese real estate platforms, Fangdd Network and Q&K International, are on the US IPO calendar.
The Beijing, China-based company was founded in 2015 and booked $849 million in sales for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol DNK. Phoenix Tree Holdings filed confidentially on August 28, 2019. Citi, Credit Suisse and J.P. Morgan are the joint bookrunners on the deal. No pricing terms were disclosed.
